Stocks Hold Steady as Oil Dips
Stocks are searching for direction as the Fed meeting begins
The Dow Jones Industrial Average (DJI) is lower again today, setting up the potential for a second straight loss for the 30-stock index. Oil's reversal after Monday's gains is weighing on the market, as October crude futures slide 5.2% to $59.61 per barrel. The energy sector is underperforming as a result, though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are still flirting with positive territory at midday. This all comes as the Fed begins its two-day meeting, with a decision on monetary policy to come tomorrow afternoon.
Continue reading for more on today's market, including:
Video game stock gets "best idea" tag. Upgrade keeps rebound alive for Splunk stock. Plus, bulls target high-flying solar stock; Match Group pops; and one manufacturer's massive pullback.
One name seeing notable options trading isSunPower Corporation (NASDAQ:SPWR), as the solar stock spikes. The shares are trading up 9.2% at $14.13, and call volume is already at roughly seven times the daily average. Most popular is the weekly 9/27 13-strike call, followed by the March 13 call. A few other short-term calls are seeing opening activity, too, and anyone buying these options would be wagering on more upside for SPWR stock.
One stock on the rise today is online dating specialist Match Group Inc (NASDAQ:MTCH), thanks to positive analyst attention, after Citigroup called attention to the company's international potential. The shares are up 2.8% at $78.76, as they bounce from the 80-day moving average and a trendline of higher lows since November.
