Several key members of the Trump campaign will give congressional testimony this week
The Dow Jones Industrial Average (DJIA) has spent the entire session in negative territory, putting the blue-chip index on track for a third straight loss. Caution is setting in ahead of a busy week of tech earnings, while existing home sales fell by a wider-than-expected 1.8% last month. Uncertainty out of D.C. is only adding to the risk-off backdrop, where key members of the Trump campaign -- including Jared Kushner, son-in-law and senior advisor to President Donald Trump -- will testify in front of congressional committees. Trump's 3:15 p.m. ET statement on healthcare is likely to draw attention, as well.
The S&P 500 Index (SPX) is also trading lower at midday, despite Markit's stronger-than-forecast flash purchasing managers index and rising oil prices. At last check, September-dated crude futures were up 1.2% at $46.33 per barrel, after Saudi Arabia agreed to lower oil exports at an Organization of the Petroleum Exporting Countries (OPEC) meeting. Meanwhile, the tech-rich Nasdaq Composite (COMP) is trading just a hair above breakeven.
Continue reading for more on today's market -- and don't miss:
- The retail stock down 30%.
- 2 steel earnings to watch tomorrow.
- Plus, volatility expectations ramp up on Snap; AMD stock at the top of the SPX; and the Chinese e-tailer at new highs.
Among the stocks with unusual options volume is Snapchat parent Snap Inc (NYSE:SNAP), with 30,000 contracts traded, 1.7 times the expected intraday rate. Volatility expectations are on the rise, too, as the stock's 30-day at-the-money implied volatility is up 3.3% to 76.9%, in the 99th percentile of its historical range. With SNAP stock down 1.6% at $14.25 -- fresh off a record low of $14.02 -- the weekly 7/28 14.50-strike put is most active, and it looks like new positions are being purchased here.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the best stocks on the S&P 500 at midday -- running neck and neck with Xerox stock -- after Canaccord Genuity reiterated its "buy" rating and $20 price target ahead of the chipmaker's earnings report, due after tomorrow's close. AMD stock is up 3% at $14.30, though the $14.50 region is continuing to serve as a stiff ceiling.
Baozun Inc (ADR) (NASDAQ:BZUN) is outperforming on the Nasdaq today, though it's not entirely clear what the catalyst is behind the Shanghai-based e-tailer's upside. Regardless, BZUN stock is up 5.6% to trade at $34.20, and earlier hit a record high of $34.92.