The market's "fear gauge" hit a 23-year low earlier
The Dow Jones Industrial Average (DJIA) opened the session within 11 points of a new record high, and is still boasting a triple-digit lead at midday. Boosting the blue-chip index are positive earnings reactions for several Dow stocks, including Caterpillar and McDonald's. The big-cap tailwinds helped send the S&P 500 Index (SPX) to an all-time peak, though a post-earnings slide for shares of Google parent Alphabet have the Nasdaq Composite (COMP) retreating from Monday's record close. Meanwhile, the CBOE Volatility Index (VIX) bottomed at 9.04 earlier -- its lowest mark since December 1993.
Continue reading for more on today's market -- and don't miss:
- The M&A buzz sparking volatility in the retail sector.
- The $2.4 million options hedge against a chip stock sell-off.
- Plus, call buyers blast booming Citigroup; Freeport-McMoRan heads toward best day in over a year; and AKS stock soars after earnings.

Among the stocks with unusual option volume is bank stock Citigroup Inc (NYSE:C), with over 74,000 calls trading. That is two times the average intraday pace and set for the 99th percentile of its annual range. More specifically, the weekly 7/28 69-strike call and September 67.50 call are the most active, with over 20,000 contracts changing hands, and buy-to-open activity suspected. C stock is up 3.3% to trade at $68.28, after the company offered well-received profit targets at its investor day. Citigroup shares are now headed for their highest close since July 5.
Freeport-McMoRan Inc (NYSE:FCX) is the biggest advancer on the SPX, as steadying copper prices and upbeat comments regarding a permit dispute for the company's Grasberg mine overshadow an earnings miss. At last check, FCX stock was up 11.5% at $14.45 -- on track for its best day in 16 months -- to clear recent congestion near its 200-day moving average.

AK Steel Holding Corporation (NYSE:AKS) is near the top of the New York Stock Exchange (NYSE), after the steel producer reported second-quarter earnings that came in above the consensus estimate. AKS stock is up 12.6% to trade at $6.79, but remains 33.5% lower on a year-to-date basis.