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Stocks look for footing after dramatic drop

Stock markets are unsettled Tuesday after posting big losses the last two trading days. The market initially opened lower, but has traded on either side of the break-even mark so far this morning. A number of volatility-linked issues have seen trading halts as the VIX has fallen sharply after spiking yesterday.

At present, the S&P 500 is up 0.06%, the DJIA is up 0.23%, and the NASDAQ is up 0.26%.

Industries doing well today include Automobiles, Diversified Consumer Services, and Road & Rail. Industries showing weakness include Multi-Utilities, Electric Utilities, and Independent Power and Renewable Electricity Producers. The VIX is down 2.51 to 34.81 after closing on Monday at 37.32. The most heavily traded options this morning are for the S&P 500 Trust ETF (SPY), with 19,698 February 254 puts on the board. The total put/call ratio as of 10:00 AM was 1.27 (954,147/753,090). The advancers/decliners ratio for NYSE stocks is 1,286/1,678 while the advancers/decliners ratio for NASDAQ stocks is 1,138/1,808.

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Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.