The Dow Jones Industrial Average (INDEXDJX:.DJI) is in the green this morning, as Wall Street cheers President Barack Obama's expected announcement that Janet Yellen will become the next head of the Federal Reserve. In other Fed news, investors will be awaiting the Federal Open Market Committee's (FOMC) September meeting minutes, looking for insight as to why the central bank postponed tapering. Additionally, Alcoa Inc (NYSE:AA) unofficially kicked off third-quarter earnings season last night with a win, and the stock is headed higher in pre-market trading.
Elsewhere, "After a flat open on Tuesday, stocks dove sharply lower on more debt-ceiling indecision," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The Nasdaq Composite (COMP) was hit the hardest, down 2%, with utilities the only major sector closing positive." Underscoring Wall Street's mood, "the CBOE Volatility Index (VIX) closed above the 20 level for the first time since June."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 33 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,096,605 call contracts traded on Tuesday, compared to 789,272 put contracts. The resultant single-session put/call ratio jumped to 0.72, while the 21-day moving average remained at 0.61.
From the Trading Floor
"Earnings season kicked into gear last night, with AA beating on revenue and trading above $8," said Venosa. "Today, the FOMC meeting minutes will be released at 2 p.m. ET."
Currencies and Commodities
Earnings and Economic Data
Regularly scheduled crude inventories will come out today, as will the highly anticipated FOMC meeting minutes. The earnings lineup includes Costco Wholesale (COST), Family Dollar Stores (FDO), Progressive (PGR), and Ruby Tuesday (RT).
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