The VIX is heading toward its lowest close since mid-August
U.S. stocks are confidently higher today, with the Dow Jones Industrial Average (DJI) up triple digits and fresh off a record high. The blue-chip index is heading toward its fifth straight win, which would mark its longest winning streak since July, thanks to an encouraging jobs report this morning. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are in the black as well, boosted by surging bank and tech stocks. Elsewhere, the Cboe Volatility Index (VIX), or Wall Street's "fear gauge," is on track for its lowest close since Aug. 9.
Continue reading for more on today's market, including:
- The Dow stock hit with a rare downgrade.
- The chicken stock Guggenheim is buying.
- Plus, options bears pile on a sinking aluminum stock; General Motors rallies on Honda team-up; and Nektar Therapeutics' rough week continues.
Century Aluminum Co (NASDAQ:CENX) is sporting unusual options volume today, with roughly 13,000 calls and 4,500 puts on the tape -- 15 times the intraday norm. The November 11 and 13 calls are leading the charge, while the October 9 and 10 puts are popular today, as well, with opening activity detected at each strike. CENX stock has plummeted 11.9% at $10.49, fresh off an annual low of $9.85, even as
aluminum prices rise.
General Motors Company (NYSE:GM) is sitting near the top of the S&P 500 today, with the shares 1.9% higher at $33.83, on reports of Honda Motor will take a 5.7% stake in GM's self-driving vehicle division. Lately,
General Motors stock has been digging a channel of lower lows and highs, culminating in an annual low of $33.20 yesterday. Despite the positive price action today, the shares have still shed 15.6% in 2018, with breakout attempts in recent months contained by their 40-day moving average.
On the other hand,
Nektar Therapeutics (NASDAQ:NKTR) stock is near the bottom of the S&P 500, extending its recent skid after Monday's
bear note. At last check, NKTR was down was down 2.5% to trade at $53.93. The drug stock has shed 11.5% this week, but has still more than doubled off its lows of $22.72 from nearly a year ago.