Chip Sector Slide Pressures Major Indexes Below Breakeven

The major indexes are inching lower, with the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq Composite (IXIC) hovering below fair value, as investors continue to monitor updates surrounding OpenAI's partnership with Nvidia (NVDA). Oracle (ORCL) is also weighing heavy after a bond offering, and investors are digesting a steep post-earnings drop out of Micron Technology (MU).

Continue reading for more on today's market, including:

• More on Micron's post-earnings plummet.
• Auto stock driving higher on analyst upgrade.
• Plus, puts pop on clothing retailer; two metals stocks taking the NYSE in opposite directions.

Retailer Burlington Stores Inc (NYSE:BURL) is seeing ample attention from bears today. Last seen up 3.3% to trade at $268.66, the equity is attempting to bounce off its lowest level since July. Put traders have been circling BURL, with 6,594 contracts traded so far, 7 times the average daily amount. Most popular is the weekly 10/31 235-strike put, where new positions are being sold to open. Burlington Stores stock has shed 7% over the past nine months.

One of the best stocks on the New York Stock Exchange (NYSE) today is Southern Copper Corp (NYSE:SCCO), last seen up 8.2% at $119.48, as the sector moves higher following Freeport-McMoRan's (FCX) force majeure declaration at its Grasberg mine in Indonesia. SCCO earlier hit an annual peak of $120.89 and is eyeing its best daily pop since April 9.

On the flip side, SCCO rival Freeport-McMoRan Inc (NYSE:FCX) is one of the worst stocks on the NYSE, last seen off 10.1% at $40.81, after delaying its Grasberg operations. The mining equity is clinging to its 7% year-to-date gain, gapping below the formerly supportive $44 floor, and now facing off with its 120-day moving average.