The DJIA has given up its early lead, dragged lower by BA and DIS
The
Dow Jones Industrial Average (DJIA) has given up its early lead and then some, dragged lower by Boeing Co (NYSE:BA) and Walt Disney Co (NYSE:DIS) -- and could be at risk of snapping
its monthly winning streak. Stocks are reacting to a
fresh batch of economic data ahead of Friday's nonfarm payrolls report -- and
two crucial Fed events. Specifically, consumer confidence fell in April, despite a
major uptick in consumer spending. Elsewhere, the Chicago purchasing managers index (PMI) and Dallas Fed manufacturing survey both shrank in May, while the S&P/Case-Shiller home price index jumped in March.
Continue reading for more on today's market -- and don't miss:
Among the stocks with unusual options volume is mining stock
Cliffs Natural Resources Inc (NYSE:CLF), following
J.P Morgan Securities' bullish note and news of a long-term agreement with ArcelorMittal SA (ADR) (NYSE:MT). CLF calls are trading at five times the expected intraday volume. The weekly 6/3 4-, 4.50-, and 5-strike calls are among the most popular options today. Assuming new positions are being purchased here, traders are betting on CLF to extend today's rally beyond the strikes before the options expire at the end of this week. CLF was last seen 34.9% higher at $4.14.
Micron Technology, Inc. (NASDAQ:MU) is near the top of the Nasdaq today, gaining 2.1% at $12.57. Guiding the semiconductor stock higher is an upgrade to "outperform" at Baird, which also raised its price target to $18 from $12. This is nothing new from the stock, which has
been red-hot of late, adding 34% since its bottom of $9.35 earlier this month.
Meanwhile, sector peer
Applied Materials, Inc. (NASDAQ:AMAT) is among the biggest Nasdaq losers today, as the stock cools off after
hitting annual highs last week. AMAT was last seen 1% lower at $24.19, but considering the stock's 14-day Relative Strength Index (RSI) closed Friday at 83 -- well into overbought territory -- this technical retreat isn't all that surprising.
The
CBOE Volatility Index (VIX) is up 1.4 point, or 10.9%, at 14.55.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 2.24, with puts more than doubling calls. SPY was last seen 0.5 point, or 0.3%, lower at $209.72.
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