The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting modestly in the green ahead of the bell, as the blue-chip barometer looks to notch a second consecutive weekly win. The economic calendar is bare, but a number of Federal Reserve officials are set to take the stage throughout the day, including Richmond Fed President Jeffrey Lacker and Fed Governor Daniel Tarullo. Corporate earnings, meanwhile, will be in focus, with General Electric Company (NYSE:GE), Google Inc (NASDAQ:GOOG), and Morgan Stanley (NYSE:MS) all pointed higher following their respective results.
Elsewhere, "The S&P 500 Index (SPX) is right back at its all-time highs near 1,730 -- and that's the hurdle to clear," said Schaeffer's Senior Equity Analyst Bryan Sapp. "Meanwhile, the Russell 2000 (RUT) is also at a record peak around 1,100. While the RUT has led stocks for some time, it will have to get through that round number going forward."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are roughly 14 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,420,025 call contracts traded on Thursday -- the most since July 19 -- compared to 768,132 put contracts. The resultant single-session put/call ratio stayed at 0.54, while the 21-day moving average dropped to 0.62.
From the Trading Floor
"After the debt deal, the CBOE Volatility Index (VIX) took a plunge," continued Sapp. "It appears that all of the fear has been sucked out of the market as a result of a singular event. Additionally, the National Association of Active Investment Managers (NAAIM) report that came out yesterday saw the biggest week-over-week jump in exposure in roughly three years. All signs point to an upward continuation in the markets, but the extreme reversal in sentiment in such a short time period is noteworthy."
Currencies and Commodities
Earnings and Economic Data
The Conference Board's index of leading economic indicators, which was due out today, has been delayed due to the government shutdown. GE, MS, Baker Hughes (BHI), Honeywell (HON), Ingersoll-Rand (IR), Parker-Hannifin (PH), Schlumberger Limited (SLB), and SunTrust Banks (STI) will close out the week's schedule of quarterly earnings reports.
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