Call it the revenge of the old economy, if you wish, but today it is the Dow Jones Industrial Average rising to new highs while the tech-heavy NASDAQ lags, with many high-fliers in the red. Unsurprisingly, the rise is being accompanied by a rise in the price of oil. Bond yields are rebounding, and the dollar is up against Pound and Yen but flat against the Euro. Two big winners this morning are former stars GoPro (GPRO) and Cree (CREE), both of which are up more than 5%.
Here are your Wednesday morning market metrics. Industries doing well today include trading companies, IT Services, and healthcare providers. Industries showing weakness include personal products, aerospace & defense, and household products. The VIX is down 2.2% to 10.08 after closing on Tuesday at 10.31. The most heavily traded options this morning are for the Financial Select Sector SPDR ETF (XLF), with 15,000 November-3 26.50 calls on the board. The total put/call ratio as of 10:00 AM was 0.85 (358,847/305,576). The advancers/decliners ratio for NYSE stocks is 1,589/1,201 while the advancers/decliners ratio for NASDAQ stocks is 1,501/1,115.