October has been a dud for stocks so far, and today is shaping up to be no different. The Dow Jones Industrial Average (DJI) is down over 170 points this afternoon, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) hover around breakeven.

Escalation between Israel and Iran is dampening investor sentiment while driving oil prices higher; West Texas Intermediate (WTI) November-dated crude futures were last seen up 4.1% at $72.92 per barrel. Jobless claims missing estimates also has Wall Street on edge ahead of tomorrow's payrolls report. Amidst these tensions, the Cboe Volatility Index (VIX) is heading for its highest close since Sept. 6. 

Super Micro Computer Inc (Nasdaq: SMCI) is getting blitzed by options bulls today. At last check, over 170,000 calls have changed, volume that's quadruple the average intraday amount. The weekly 10/4 43- and 45-strike calls are the most popular, with new positions being bought to open with the former. SMCI is up 2% to trade ta $42.83 today, just two days removed from a stock split. 

Southwest Airlines Co (NYSE: LUV) is one of the top stocks on the SPX today, last seen up 2.3% to trade at $30.26. Citigroup issued a price-target hike to $31.50 from $28.25 this morning, and LUV is now eyeing its highest close since a 15% bear gap on March 12. Year-to-date, Southwest stock is up 6.3%.  

Freeport-McMoRan Inc (NYSE: FCX) stock is in the SPX cellar today, down 2.4% to trade at $49.55. Copper miners across the board are lower, as copper prices cool off amid geopolitical tensions and a strong U.S. dollar. FCX is up 17.5% in 2024. 

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