The Dow Jones Industrial Average (DJIA) showed early promise, but was unable to sustain any upward momentum, extending its losing streak to four days. Soft earnings numbers again hurt, exacerbated by lackluster housing data and plummeting commodity prices. All in all, it was a terrible week for the Dow, which slipped 2.9%. There's plenty of market-moving events on next week's schedule, though, when social media powers and the Fed share the spotlight. 

 

Continue reading for more on today's market, including:

 

• Are we due for a breakout? Schaeffer's contributor Adam Warner weighs in. 
• Earnings Spotlight: 2 diverging credit card concerns, and the Internet stock that made a bigger move than Amazon.com, Inc. (NASDAQ:AMZN) -- but in the wrong direction. 
• 3 commodity stocks wallowing in oversold territory. What other names made the list?
• Plus ... New home sales slump, the Fed's faux pas, and 3 biotech stocks to watch.

 

The Dow Jones Industrial Average (DJIA - 17,568.53) traded within a 202.8-point range, before finally settling 163.4 points, or 0.9%, lower. Three Dow components managed gains, led by Visa Inc's (NYSE:V) post-earnings surge of 4.3%. Of the 27 losers, DuPont (NYSE:DD) was the worst off, sliding 2.6%. The Dow closed the week 2.9% lower. 

 

The S&P 500 Index (SPX - 2,079.65) spent most of the day lower as well, falling 22.5 points, or 1.1%. The Nasdaq Composite (COMP - 5,088.63) saw similar losses, dropping 57.8 points, or 1.1%. On a weekly basis, the SPX closed 2.2% lower, and the COMP was off 2.3%. 

 

The CBOE Volatility Index (VIX - 13.74) jumped during today's sell-off, notching its highest close since July 14. The "fear gauge" gained 1.1 points, or 8.8%, today, and finished the week 15% higher. 

 

 

 

5 Items on Our Radar Today:

 

1. Adding to today's disappointing backdrop, new home sales in the U.S. hit a seven-month low. Meanwhile, the Fed accidentally published confidential staff forecasts on key indicators -- normally withheld for five years.  (​Reuters; MarketWatch​) 
2. After New York City moved to increased its minimum wage to $15 for fast food workers, Dunkin Brands Group Inc (NASDAQ:DNKN) CEO Nigel Travis called the move "absolutely outrageous." The executive said raising the wages will do more harm than good, as companies likely won't hire as many new employees. (CNN Money)
3. 2 Beijing-based Internet names preparing for the earnings confessional. 
4. In case you missed it, these hot biotech stocks could see a major cool-down soon. 
5. The music streaming stock that upped its outlook. 

 

 

 

 

Commodities:

 

Crude oil got hit again on worries about a supply glut and demand out of China, with futures falling into bear-market territory. For September delivery, oil dropped 31 cents, or 0.6%, to close at $48.14 per barrel -- a five-year low. For the week, oil ended 5.4% lower. 

 

Gold futures also closed lower on continued rate-hike fears. Gold dated for August fell $8.60, or 0.8%, to hit $1,085.50 per ounce. On a weekly basis, the precious metal gave back 4.1% -- its fifth straight week-over-week drop.

Dow Jones Industrial Average (DJIA) futures are pointed lower to start the week, as investors make sense of China's jaw-dropping sell-off. Although earnings don't really pick up until tomorrow -- with Twitter Inc (NYSE:TWTR), Ford Motor Company (NYSE:F), and Yelp Inc (NYSE:YELP) among those presenting -- investors are hoping for stronger numbers than they saw last week.

Looking ahead, the Federal Open Market Committee's (FOMC) two-day policy-setting meeting is slated to begin tomorrow, and investors will be watching for any new clues on the Fed's rate-hike timeline. Meanwhile, in equity news today, the early buzz is centered on Teva Pharmaceutical Industries Ltd's (NYSE:TEVA) decision to purchase Allergan PLC's (NYSE:AGN) generic drug business for over $40 billion. 

 

Continue reading for more on today's market, including:

 

• This duo both reported strong quarterly results, but headed in very different directions.
• How pre-earnings players are positioning themselves on these 2 Chinese Internet stocks.
• In case you missed it, biotechs have been hot -- but for how much longer?

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 70.5 points below fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 877,490 call contracts traded on Friday, compared to 754,525 put contracts. The resultant single-session equity put/call ratio rose to 0.86, while the 21-day moving average edged up to 0.71.

Currencies and Commodities

• The U.S. dollar index is down 0.6% at 96.68. 
• Crude oil is off 1% at $47.64 per barrel. 
• Gold has added 0.7% to hit $1,093.80 per barrel. 

 

Earnings and Economic Data

 

The week kicks off with durable goods orders and the Dallas Fed manufacturing survey. Stepping up to the earnings plate are Baidu (BIDU), Hartford Financial (HIG), Norfolk Southern (NSC), Rent-A-Center (RCII), and Sohu.com (SOHU). To see what else is on this week's docket, click here.

 

Overseas Trading

For a breakdown of today's trading in Asia and Europe, including the catalysts behind China's worst single-day slump since 2007, read Overseas Trading: Shanghai Stocks Swallow Steepest Loss In Years. 

 

 

Unusual Put and Call Activity

 

  

The Dow Jones Industrial Average (DJIA) is taking it on the chin, with traders wringing their hands after Chinese markets sold off sharply -- which, in turn, is weighing on these U.S.-listed stocks. Further contributing to the risk-off session are crude's ongoing woes. On the economic front, the Dallas Fed manufacturing survey missed expectations, while durable goods orders came in above estimates. Of course, the economic calendar really gets in full swing tomorrow, when the Fed is scheduled to begin its two-day policy-setting meeting.

 

Continue reading for more on today's market -- and don't miss:

 

• The big M&A news shaking up the pharmaceutical industry -- and crushing this stock.
• Schaeffer's contributor Adam Warner asks what we're all wondering: Why isn't the VIX higher?
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable call volume is Amazon.com, Inc. (NASDAQ:AMZN), with the contracts running at 1.7 times the intraday norm. The weekly 7/31 series accounts for each of the stock's four most active options, with potential buy-to-open activity at the 540- and 550-strike calls, as well as the 510-strike put. AMZN was last seen 1.8% higher at $539.11, amid a fresh round of price-target hikes and reported plans to shake up the grocery industry.

 

One of the top gainers on the Big Board is Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), following the company's $40.5 billion buyout agreement. At last check, the stock was up 12% at $69.28, and fresh off a record high of $70.09.

 

One of the biggest losers on the Nasdaq is Mylan NV (NASDAQ:MYL), which saw a takeover proposal pulled off the table, and also received a bearish brokerage note. A 12.8% loss at midday has the shares sitting at $57.50, just 2% above MYL's year-to-date breakeven mark.

 

 

The CBOE Volatility Index (VIX) is up 1.9 points, or 13.6%, at 15.61.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.26, with puts more than doubling calls. At last check, the SPY was down 0.4% at $207.25.

 

The Dow Jones Industrial Average (DJIA) took its cues from China, where stocks suffered their worst session in more than eight years. The blue-chip barometer dropped triple digits out of the gate, and crude prices slid amid growing concerns about Chinese demand. Even a stronger-than-expected report on durable goods was viewed with a glass-half-empty skew, as Wall Street hunts for rate-hike clues ahead of this week's key Fed meeting. Against this backdrop, the Dow sank deeper into the red for 2015, while the CBOE Volatility Index (VIX) -- otherwise known as the market's "fear gauge" -- was jolted higher.

Continue reading for more on today's market, including:

• Ahead of earnings, how traders are playing Twitter Inc (NYSE:TWTR), Facebook Inc (NASDAQ:FB), and Yelp Inc (NYSE:YELP).
• Can Tesla Motors Inc (NASDAQ:TSLA) tackle $300? These option traders think so.
• Why Apple Inc. (NASDAQ:AAPL) fanboys have this date on the calendar.
• Plus ... Aircraft orders skyrocket, Puerto Rico joins Greece in the hot seat, and the airline stock that surrendered more than half its value.

The Dow Jones Industrial Average (DJIA - 17,440.59) was down almost 170 points at its session low, but eventually settled on a loss of 128 points, or 0.7% --  its lowest close since Feb. 2. Intel Corporation (NASDAQ:INTC) paced the five advancing blue chips, adding 1%, while Boeing (NYSE:BA) led the declining majority with a 2.1% drop.

The S&P 500 Index (SPX - 2,067.64) gave up 12 points, or 0.6%, but found a foothold atop its 200-day moving average. The Nasdaq Composite (COMP - 5,039.78) was hit hardest, sinking nearly 49 points, or 1%.

The CBOE Volatility Index (VIX - 15.60) surged 1.9 points, or 13.5%, to land north of its 200-day trendline for the first time since July 10.

 

5 Items on Our Radar Today:

1. Orders for durable goods jumped 3.4% last month, the Commerce Department reported -- though the results were skewed by the Paris air show, which triggered a 66.1% surge in aircraft orders. Orders for non-defense capital goods excluding aircraft, viewed as a key metric for business investment, were up 0.9%. (AP, via Yahoo! Finance)
2. Puerto Rico could miss an Aug. 1 deadline to repay nearly $170 million to Public Finance Corp., according to Victor Suarez, Gov. Alejandro Garcia Padilla's chief of staff. The government is considering a gas tax to raise $400 million to $500 million, and vowed to do everything possible to pay its bills. (CNBC)
3. Meanwhile, Greece and its international creditors are back at the negotiation table.
4. The airline issue that surrendered more than half its value today.
5. 4 China-based stocks that took it on the chin.

 

 

 

Commodities:

Despite a weaker dollar, crude oil dropped amid heightened concerns about Chinese demand. By the close, September-dated crude was down 75 cents, or 1.6%, at $47.39 per barrel.

On the flip side, traders sought tangible assets in the wake of the global stock rout, pushing August-dated gold $10.90, or 1%, higher to settle at $1,096.40 an ounce.

The Dow Jones Industrial Average (DJIA) is looking to put its losing ways in the rearview, with futures pointed sharply higher despite a continued sell-off in China. Though interest rates aren't expected to rise this month, traders will be absorbed by the Federal Open Market Committee's (FOMC) two-day policy-setting meeting, which begins today. It's also another big day for earnings -- plus, the S&P/Case-Shiller home price index will be released, along with the Conference Board's consumer confidence survey. 

 

Continue reading for more on today's market, including:

 

• 2 groups of traders that could support equities, according to Schaeffer's Senior Equity Analyst Joe Bell, CMT.
• How one airline lost half its value in a matter of hours. 
• A look at how traders are preparing for tonight's Twitter Inc (NYSE:TWTR) earnings. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 109.4 points above fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 739,156 call contracts traded on Monday, compared to 544,485 put contracts. The resultant single-session equity put/call ratio slid to 0.74, while the 21-day moving average remained at 0.71.

Currencies and Commodities

• The U.S. dollar index is up 0.5% at 96.95.
• Crude oil has dropped 0.6% to 47.12 per barrel. 
• Gold is off 0.4% at $1,092.70 per ounce. 

 

 

Earnings and Economic Data

 

The FOMC's policy meeting kicks off today, with the final decision due out tomorrow. In addition, the S&P/Case-Shiller home price index and the Conference Board's consumer confidence survey are due out. 

The earnings calendar is full, featuring DuPont (DD), Merck (MRK), Pfizer (PFE), Ford Motor (F), TWTR, Sirius XM (SIRI), SunPower (SPWR), Gilead Sciences (GILD), Aflac (AFL), Akamai Technologies (AKAM), AK Steel (AKS), Anadarko Petroleum (APC), BP plc (BP), Buffalo Wild Wings (BWLD), Citrix Systems (CTXS), Corning (GLW), Cummins (CMI), D.R. Horton (DHI), Edwards Lifesciences (EW), GrubHub (GRUB), JetBlue Airways (JBLU), LyondellBasell (LYB), National Oilwell Varco (NOV), Panera Bread (PNRA), Peabody Energy (BTU), Reynolds American (RAI),  U.S. Steel (X), Wyndham Worldwide (WYN), and Yelp (YELP). To see what else is on this week's agenda, click here. 

 

Overseas Trading

 

For a breakdown of today's trading in Asia and Europe, including the latest efforts by Chinese regulators, read Overseas Trading: China Drops Again; Europe Rises On Earnings. 

 

 

Unusual Put and Call Activity

 

 

The Dow Jones Industrial Average (DJIA) is sharply higher at midday, shrugging off ongoing woes in China amid the start of the Fed's two-day policy meeting. Traders are also digesting a mixed round of blue-chip earnings -- including better-than-expected results from Pfizer Inc. (NYSE:PFE) -- and a rebound in energy names. In other news, U.S. home prices rose less than anticipated in May, while consumer confidence dropped sharply in July, bucking expectations for a modest increase. All told, the DJIA and the broader S&P 500 Index (SPX) are both on pace to snap their five-session losing streaks.

 

Continue reading for more on today's market -- and don't miss:

 

• 3 reasons why Baidu Inc (ADR) (NASDAQ:BIDU) is collapsing.
• Why option traders are paying a pretty penny to bet on Facebook Inc (NASDAQ:FB) and this mining name on the mend.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

Among the stocks with notable call volume is Ford Motor Company (NYSE:F), which is fresh off a standout earnings report. At last check, the stock is 1.7% higher at $14.80, and calls are changing hands at 1.8 times the normal intraday rate. More specifically, possible buy-to-open activity is detected at F's weekly 7/31 15-strike call.

 

One of the biggest gainers on the Nasdaq is BlackBerry Ltd (NASDAQ:BBRY), which is up 5.1% at $7.65 and attempting to muscle its way atop its 10-day moving average. Sparking the gains is a rare dose of bullish attention for the handset maker, which may be a sign of things to come.

 

One of the top winners on the Big Board is grocery chain SUPERVALU INC. (NYSE:SVU), which has soared 16.2% at $8.56 -- a marked reversal from its longer-term trend. The stock has caught a tailwind following the company's better-than-expected earnings report, and news it may spin off its Save-A-Lot business.

 

 

The CBOE Volatility Index (VIX) is down 1.3 points, or 8.3%, at 14.30.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.47, with puts outpacing calls. At last check, the SPY was up 1.6 points, or 0.8%, at $208.41.

 

After five consecutive sessions in the red, the Dow Jones Industrial Average (DJIA) bounced back in a big way today. In fact, the 30-stock index was up more than 200 points at its intraday peak, as a rally in energy names, solid earnings from a pair of blue-chip biotechs, and optimism ahead of tomorrow's big Fed announcement offset an extended sell-off in China and uninspiring economic data. While the blue-chip barometer is still staring at a year-to-date deficit, it did manage to erase all of its weekly and monthly losses.
 

Continue reading for more on today's market, including:

 

• The big level to watch on the iShares Russell 2000 ETF (NYSEARCA:IWM).
• Keep these 3 stocks on the radar next month.
• A look at Microsoft Corporation (NASDAQ:MSFT) before tomorrow's highly anticipated launch.
• Plus ... Consumer confidence wanes, a big chip breakthrough, and Baidu Inc's (ADR) (NASDAQ:BIDU) really bad day.

 

The Dow Jones Industrial Average (DJIA - 17,630.27) tracked a 209-point range today -- with all of the action occurring to the upside -- before settling with a 189.7-point, or 1.1%, gain. Twenty-seven of the Dow's components gained ground, led by Exxon Mobil Corporation's (NYSE:XOM) 4.1% pop. The two laggards were DuPont (NYSE:DD) -- which shed 1.5% -- and MSFT, which closed fractionally lower, while Cisco Systems, Inc. (NASDAQ:CSCO) finished flat.

 

The S&P 500 Index (SPX - 2,093.25) tacked on 25.6 points, or 1.2%, and closed 2.4 points off of its intraday peak. The Nasdaq Composite (COMP - 5,089.21), meanwhile, jumped 49.4 points, or 1%, but ran out of steam near the 5,100 level.

 

The CBOE Volatility Index (VIX - 13.44) peaked above breakeven in early trading, before closing down 2.2 points, or 13.9%.

 

5 Items on Our Radar Today:

 

1. Consumer confidence plunged to its lowest level since September 2014 in July, with the Conference Board's index unexpectedly falling to 90.9. Elsewhere on the economic front, home prices in 20 major U.S. cities rose 4.9% year-over-year in May -- less than expected. Sequentially, home prices increased a seasonally adjusted 0.2%. (CNBC; USA Today)
2. Intel Corporation (NASDAQ:INTC) and Micron Technology, Inc. (NASDAQ:MU) today unveiled 3D XPoint technology -- a breakthrough in the memory storage market. Specifically, the new chip is projected to be 1,000 times faster than NAND. (Forbes)
3. BIDU bottomed at a new annual low, after the company's dismal turn in the earnings confessional was met with a round of negative analyst notes.
4. Schaeffer's contributor Adam Warner breaks down the cheapest "overbought" VIX we've seen in years.
5. The brokerage bunch just can't get enough of eBay Inc (NASDAQ:EBAY) spin-off Paypal Holdings Inc (NASDAQ:PYPL).

 

 

Commodities:

 

Crude oil snapped its four-day losing streak, as bargain hunters swooped in. At the close, crude for September delivery was up 59 cents, or 1.2%, at $47.98 per barrel.

 

Gold futures settled slightly lower today, following reports that second-quarter demand for the malleable metal skidded to its slowest pace in six years. By session's end, August-dated gold was off 20 cents at $1,096.40 per ounce.

With the latest Federal Open Market Committee (FOMC) policy decision just hours away, futures on the Dow Jones Industrial Average (DJIA) are pointing to a positive open. The blue-chip barometer aims to hold yesterday's bullish momentum ahead of another slew of earnings, including second-quarter figures from social media titan Facebook Inc (NASDAQ:FB). At the same time, traders are considering today's sudden rebound in China, while awaiting pending home sales and crude inventories. It's also a big day for Microsoft Corporation (NASDAQ:MSFT), as Windows 10 makes its long-awaited debut. 

 

Continue reading for more on today's market, including:

 

• 2 sectors to watch as the Fed prepares for lift-off.  
• Is it time to ditch Amazon.com, Inc. (NASDAQ:AMZN) and Google Inc (NASDAQ:GOOGL)? Schaeffer's Senior Quantitative Analyst Rocky White looks at what happens when big-caps make big moves. 
• The buzz that sent BlackBerry Ltd (NASDAQ:BBRY) soaring. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 46.7 points above fair value. 

 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 794,616 call contracts traded on Tuesday, compared to 495,239 put contracts. The resultant single-session equity put/call ratio moved down to 0.62, while the 21-day moving average slipped to 0.69.

Currencies and Commodities

• The U.S. dollar index is off 0.05% at 96.73.
• Crude oil is down 0.5% at $47.72 per barrel.
• Gold is off 0.05% at $1,096.10 per ounce. 

 

 

Earnings and Economic Data

 

Set for release are the pending home sales index and weekly crude inventories. The Fed will also announce its latest policy decision.

FB, MasterCard (MA), Cliffs Natural Resources (CLF), Anthem (ANTM), Apollo Global (APO), Booz Allen Hamilton (BAH),  General Dynamics (GD), Goodyear Tire (GT), Hilton Worldwide (HLT), Humana (HUM), Huntsman (HUN), Kinross Gold (KGC), Level 3 Communications (LVLT), Lifelock (LOCK), Marriott International (MAR), Noble (NE), O'Reilly Automotive (ORLY), Shutterfly (SFLY), Skechers (SKX), SolarCity (SCTY), Tableau Software (DATA), Vertex Pharmaceuticals (VRTX), Western Digital (WDC), and Whole Foods (WFM) will report earnings. To see what else is on this week's agenda, click here. 

 

Overseas Trading

For a breakdown of today's trading in Asia and Europe, including the industrial giant that sank Japan's Nikkei, read Overseas Trading: Shanghai Composite Pops; Europe Wary Ahead of Fed. 

 

 

Unusual Put and Call Activity

 

 

Despite uncertainty surrounding this afternoon's big Fed announcement, the Dow Jones Industrial Average (DJIA) is solidly higher -- and on track for a second straight daily win. Traders have been digesting a raft of quarterly data, especially in the social media sector -- where Twitter Inc (NYSE:TWTR) and Yelp Inc (NYSE:YELP) are both getting burned ahead of earnings from sector peers Facebook Inc (NASDAQ:FB) and LinkedIn Corp (NYSE:LNKD). Elsewhere, pending home sales fell for the first time in six months, and crude turned positive after a larger-than-expected decline in stockpiles last week.

 

Continue reading for more on today's market -- and don't miss:

 

• 2 ways to play China with options, courtesy of Schaeffer's contributor Adam Warner. 
• How an interest-rate hike from the Fed could impact crude oil and gold.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable option volume is Buffalo Wild Wings (NASDAQ:WLD), as contracts are crossing at 11 times the average intraday pace in the wake of the company's latest turn in the earnings confessional. Front-month strikes are most popular, led by the August 170 and 185 puts. At last check, shares of the chicken restaurant have jumped 13.4% to $194.28 -- and are approaching their early February record high of $195.83.

 

One of the leading losers on the Big Board is microblogging site TWTR, which is fresh off a disappointing earnings report. As such, the shares have plummeted nearly 13% to trade at $31.83, and earlier skimmed an annual low of $31.30.

 

One of the notable losers on the Nasdaq is cloud concern Akamai Technologies, Inc. (NASDAQ:AKAM), down 7.3% at $68.27. Weighing on the stock are a second-quarter earnings miss and a lackluster current-quarter outlook -- not to mention, a trio of price-target cuts.

 

 

The CBOE Volatility Index (VIX) is down 0.8 point, or 5.9%, at 12.65.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.99, with puts roughly doubling calls. At last check, the SPY is up 1 point, or 0.5%, at $210.37.

Despite a momentary slip into the red at the open following a round of disappointing earnings, the Dow Jones Industrial Average (DJIA) spent the entire session in the green. Although the index pared a portion of these gains as Wall Street digested the latest policy statement from the Fed -- which left the door open for a possible September rate hike -- buyers stepped in during the final stretch to push the DJI to a second consecutive triple-digit gain. Tomorrow, the case for an impending rate hike could be further strengthened with the advance reading on second-quarter gross domestic product (GDP) due. Additionally, social media stocks will continue to demand attention, with earnings from Facebook Inc (NASDAQ:FB) and LinkedIn Corp (NYSE:LNKD) in focus.

Continue reading for more on today's market, including:

 

• 3 stocks set to pop in August -- and 3 set to drop.
• Short sellers were keeping a close eye on Ambarella Inc (NASDAQ:AMBA) and Herbalife Ltd. (NYSE:HLF) for two very different reasons.
• Should you bench these 4 stocks with ties to Tom Brady?
• Plus ... The Fed is keeping a close eye on the labor market, Procter & Gamble Co (NYSE:PG) names a new chief, and Twitter Inc (NYSE:TWTR) hits a fresh low.

 

It was a fifth straight triple-digit day for the Dow Jones Industrial Average (DJIA - 17,751.39), with the 30-stock index tracking a nearly 148-point range -- and settling with a 121.1-point, or 0.7%, gain. Microsoft Corporation (NASDAQ:MSFT) led the 26 advancers with its 2.1% pop, following the launch of Windows 10. DuPont (NYSE:DD), meanwhile, paced the three decliners with its 0.8% loss. UnitedHealth Group Inc (NYSE:UNH) was unchanged.

The S&P 500 Index (SPX - 2,108.57) added 15.3 points, or 0.7%, and closed back above the 2,100 mark for the first time since last Thursday. Elsewhere, the Nasdaq Composite (COMP - 5,111.73) tacked on 22.5 points, or 0.4%.

 

The CBOE Volatility Index (VIX - 12.50) shed 0.9 point, or 7%, to close at its lowest level in a week.

 

   

5 Items on Our Radar Today:

 

1. In its latest monetary policy update, the Federal Open Market Committee (FOMC) voted unanimously to leave interest rates unchanged. However, the central bank said the economy was "expanding moderately" following a first-quarter slowdown, and the "underutilization of labor resources has diminished since early this year" -- although it is still looking for "further improvement in the labor market." (Reuters via Schaeffer's Investment Research)
2. David Taylor -- current president of PG's global beauty, grooming and healthcare division -- will replace A.G. Lafley as CEO, effective Nov. 1. Lafley will remain chairman of the board. (USA Today)
3. TWTR hit an annual low of $31.06 in intraday action, after discouraging comments from the company's CEO -- and a round of downbeat analyst attention -- pressured the shares.
4. Schaeffer's contributor Adam Warner offered up a quick lesson in how to play China with options.
5. A disappointing turn in the earnings confessional sent Yelp Inc (NYSE:YELP) tumbling to levels not seen in more than two years.

 

 

Commodities:

 

Crude oil popped today -- notching its second-biggest daily percentage gain of the month -- following a bigger-than-expected drop in inventories. At session's end, crude for September delivery was up 81 cents, or 1.7%, at $48.79 per barrel.

 

Uncertainty surrounding the Fed's next rate hike sent the dollar higher -- and gold lower today. By the close, August-dated gold was off $3.60, or 0.3%, at $1,092.60 per ounce. After the Fed statement, however, gold turned higher in electronic trading.

Futures on the Dow Jones Industrial Average (DJIA) are suggesting a negative start, with the advance reading on second-quarter gross domestic product (GDP) showing a smaller-than-forecast rise of 2.3% -- though the first-quarter number was upwardly revised to 0.6%, compared to the previously reported contraction of 0.2%. Traders will also have weekly jobless claims to consider after last week's sudden drop-off, while also deciphering yesterday's Federal Open Market Committee (FOMC) decision. And, of course, it'll be another busy day for earnings. 

 

Continue reading for more on today's market, including:

 

• We know how earnings played out for Facebook Inc (NASDAQ:FB) and Twitter (NYSE:TWTR) -- now we have one social media giant to go. 
• Why this restaurant chain's same-store sales had analysts predicting new record highs. 
• In case you missed it ... 3 stocks to stalk for August (and 3 to sidestep). 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 18.4 points below fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 895,660 call contracts traded on Wednesday, compared to 559,486 put contracts. The resultant single-session equity put/call ratio stayed at 0.62, while the 21-day moving average moved lower to 0.68.

 

Currencies and Commodities

• The U.S. dollar index is up 0.4% at 97.32.
• Crude oil has gained 0.5% at $49.03 per barrel. 
• Gold is down 0.7% at $1,085.20 per ounce. 

 

 

Earnings and Economic Data

 

In addition to GDP and jobless claims, traders will also be watching earnings reports from Procter & Gamble (PG), LinkedIn (LNKD), FireEye (FEYE), Alcatel Lucent (ALU), Amgen (AMGN), AstraZeneca (AZN), Avon Products (AVP), Colgate-Palmolive (CL), ConocoPhillips (COP), Crocs (CROX), Delphi Automotive (DLPH), Deckers Outdoor (DECK), Eldorado Gold (EGO), Electronic Arts (EA), Fiat Chrysler (FCAU), Goldcorp (GG), Marathon Petroleum (MPC), Mondelez International (MDLZ), Monster Worldwide (MWW), Outerwall (OUTR), Pitney Bowes (PBI), Sealed Air (SEE), Sony (SNE), Stanley Black & Decker (SWK), Starwood Hotels (HOT), Steven Madden (SHOO), Teva Pharmaceutical Industries (TEVA), T-Mobile US (TMUS), Valero Energy (VLO), Virgin America (VA), VIVUS (VVUS), World Wrestling Entertainment (WWE), Yamana Gold (AUY), and Yandex NV (YNDX). To see what else is on this week's agenda, click here.

 

Overseas Trading

 

For a breakdown of today's trading in Asia and Europe, including why stocks fell apart in China, read Overseas Trading: Shanghai Slips As Banks Eye Equity Exposure. 

 

 

Unusual Put and Call Activity

 

 

The Dow Jones Industrial Average (DJIA) headed lower out of the gate and hasn't looked back, as traders digest lackluster gross domestic product (GDP) figures, as well as the possibility of a September interest-rate hike. Leading the Dow lower is blue chip Procter & Gamble Co (NYSE:PG), which is off 3.5% on lower-than-expected quarterly sales and weak guidance for the upcoming fiscal year. On the economic front, first-time jobless claims rose less than predicted last week.

 

Continue reading for more on today's market -- and don't miss:

 

• Social media stocks got roughed up yesterday, and Facebook Inc (NASDAQ:FB) is following suit.
• 3 pharmaceutical names making massive moves.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

 

Among the stocks with notable call volume is Nokia Corporation (ADR) (NYSE:NOK), as the contracts are being exchanged at 17 times the usual intraday rate. At last check, the tech issue was up 5.6% at $6.96, following an earnings beat. Diving deeper on the options front, data from the International Securities Exchange (ISE) shows a massive sweep of October 8 calls was bought to close earlier.

 

One of the worst losers on the Nasdaq is Whole Foods Market, Inc. (NASDAQ:WFM), which has fallen 11% to trade at $36.34, and earlier skimmed a three-year low of $35.82. Weighing on shares of the organic grocer are disappointing quarterly results and a subsequent round of negative analyst attention.

 

One of the top winners on the Big Board is Skechers USA Inc (NYSE:SKX), up 14.3% at $146.78 -- and fresh off an all-time peak of $147.29. Unlike WFM, the shoe retailer reported better-than-expected earnings and received a number of price-target hikes, in response.

 

 

The CBOE Volatility Index (VIX) is up 0.01 point, or 0.1%, at 12.51.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.00, with puts doubling calls. The SPY was last seen off 1 point, or 0.5%, at $209.74.