Major indices are trading higher Monday morning and the Dow Jones hit another record high in early morning trading. The markets are moving higher as tech stocks recover from last week’s sell off. Tech stocks have fallen for two straight weeks, , fueled by valuation concerns and investor concerns of money transferring to other sectors. Last week’s news that Amazon.com (AMZN) would be buying Whole Foods (WFM) continue to weigh on the grocery sector, with Wal-Mart (WMT) down 2.7% and Target (TGT) off 2.45%.
West Texas Intermediate crude is trading up $0.18 a barrel at $44.92. At present, the S&P 500 is up 0.64%, the DJIA is up 0.46%, and the NASDAQ is up 1.15%.
Here are your Friday morning market metrics. Industries doing well today include technology, basic materials, and financials. Industries showing weakness include energy, and utilities. The VIX is down 2.99% to 10.07 after closing on Friday at 10.38. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 39,3465 August 240 puts on the board. The total put/call ratio as of 10:00 AM was 0.67 (231,809/347,471). The advancers/decliners ratio for the NYSE is 1,820/1,035 and for the NASDAQ, 1,855/886.