Dow Jones Industrial Average Sinks Amid Trump's 'Massive' Tax Talk

The Dow Jones Industrial Average (DJIA) is trading lower at midday -- and back in the red on a year-to-date basis -- as Wall Street reacts to the first policy decisions from U.S. President Donald Trump. On top of an executive action on trade reform, Trump held a meeting with a number of corporate executives, where he said he wants to cut business regulations by 75%. He also called for "massive" tax cuts for corporations and middle-class Americans. Still, stocks are backpedaling, with a negative earnings reaction for Dow stock McDonald's Corporation (NYSE:MCD) headlining the action, while the U.S. dollar hovers near seven-week lows. 

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

• 2 "FANG" stocks popping on upbeat analyst outlooks. 
• How a short-squeeze scenario could shoot this software stock to fresh highs.
• Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
• Plus... Options traders reverse course on Texas Instruments, another big day for this marketing specialist, and QUALCOMM gets hammered by Apple. 

Among the stocks with unusual options volume is Texas Instruments Incorporated (NASDAQ:TXN), as the semiconductor specialist prepares to report earnings after tomorrow's close. However, unlike what's been seen in recent weeks, calls are seeing heavy attention in today's options trading. Volume is running at a slightly accelerated clip today, with the July 77.50 call leading the way. Nevertheless, it looks like some sell-to-open activity may be occurring here, as traders set a ceiling over the next six months. The stock was last seen 0.2% higher at $74.92. 

Mobile marketing specialist Live Ventures Inc (NASDAQ:LIVE) is gaining on the Nasdaq today, up 6.8% at $21.14, though it's not clear what's leading to this price action. The stock posted a huge rally back in December, and while the shares remain well below the highs from that time, they've gained 28% since their low of $16.50 on Jan. 6. 

One of the biggest losers on the Nasdaq is chipmaker QUALCOMM, Inc. (NASDAQ:QCOM), following news of a $1 billion lawsuit from  Apple Inc. (NASDAQ:AAPL). The shares were last seen 13.2% lower at $54.59, and, although they're still in positive year-over-year territory, they're set to close below their 200-day moving average for the first time since late June. 

The CBOE Volatility Index (VIX) is up 1 point, or 8.7%, at 12.54. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.19, with puts more than doubling calls. The SPY is down 1.2 points, or 0.5%, at $225.49. 

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