Crude futures are signaling a daily win, but remain on track for a fifth straight weekly loss
The Dow Jones Industrial Average (DJIA) has explored an 86-point range on both sides of breakeven so far. Most recently, the Dow was seen trading modestly higher, as oil prices stabilized. August-dated crude futures are up 0.8% at $43.09 per barrel, on a weaker dollar and reports of record-high production-cut compliance among global oil producers. Nevertheless, oil prices are on track for a fifth straight weekly loss, the longest such streak since August 2015.
In addition to the energy sector, Wall Street is digesting a round of mixed economic data, including disappointing factory activity and a surge in new home sales. Ahead of two more Fed speeches this afternoon, dovish comments from St. Louis Fed President James Bullard are also in focus. Specifically, the central bank official said the Fed could hold off issuing more rate hikes amid the U.S. economy's "low growth, low-inflation, and low-interest-rate regime."
Continue reading for more on today's market -- and don't miss:
- The tech stock up 40% on buyout buzz.
- 5 tips to trade short-term options like a pro.
- Plus, AKS options traders bet on a quick retreat; the retail stock near the bottom of the Nasdaq; and a soaring drug stock.
Among the stocks with unusual put volume today is AK Steel Holding Corporation (NYSE:AKS). More than 9,100 AKS puts have traded, three times what's typically seen. Although AKS stock is trading up 4.8% at $6.61 after some upbeat analyst attention, buy-to-open activity has been detected at the weekly 6/30 6-strike put. In other words, options traders expect the steel stock to breach $6 by expiration at next Friday's close.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) is one of the worst Nasdaq stocks today, after the retailer's dismal earnings report prompted a round of bearish brokerage notes. BBBY shares were last seen trading down 11.2% at $29.96, and earlier hit a seven-year low of $29.59.
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) is near the top of the Nasdaq, after the drugmaker's kidney cancer treatment was recommended for approval by the European Medicines Agency. AVEO stock has surged 77.1% to trade at $1.29, fresh off an annual high of $1.37.