Dow Jones Industrial Average Sheds Triple Digits as Fed Meeting Kicks Off

The Dow Jones Industrial Average (DJIA) has continued its trek south today, falling in step with oil prices. At last check, July-dated crude futures were down 1% at $48.37 per barrel. Risk-averse traders are hitting the exits as the Federal Open Market Committee (FOMC) kicks off their two-day policy-setting meeting -- and the "Brexit" vote looms. Additionally, declining Treasury yields are weighing on financial stocks, with credit card company American Express Company (NYSE:AXP) the leading decliner on the Dow. As anxiety intensifies -- and overshadows a relatively upbeat batch of economic data -- the Dow was most recently flirting with a triple-digit loss.

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

• The drug company slashing one-fifth of its workforce.
• Why these 4 airline stocks are feeling the heat.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among the stocks with unusual options volume at midday is SouFun Holdings Ltd (NYSE:SFUN), where calls are changing hands at a staggering rate. This incredible action comes in the form of 23,000 calls, nearly all of which have crossed at SFUN's August 5 strike. It appears quite a few traders are purchasing new positions here, expecting the shares to rally above the $5 level by the close on Friday, Aug. 19, when the options expire. At last check, SFUN was up 0.8% at $4.98 -- but still down nearly 33% year-to-date.

Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE) is among the top performers on the New York Stock Exchange, adding 6.8% to $4.45 after reporting its first quarterly profit in nearly five years. Today's rally has the shares staring right at their year-to-date breakeven mark, as well as their 200-day moving average -- a trendline YGE hasn't topped in more than two years.

Among the worst performers on the Nasdaq is drugmaker Revance Therapeutics Inc (NASDAQ:RVNC). The stock has given up 22% to $14.32 -- fresh off an all-time low of $13.21 -- after halting development on its topical 'crow's feet' treatment. The news also prompted a round of bearish brokerage notes.
     
The CBOE Volatility Index (VIX) is up 0.4 point, or 1.9%, at 21.36 -- its highest level in nearly four months.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.89, with puts essentially doubling calls. SPY was last seen down 1.2 points, or 0.6%, at $207.26.

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