The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting slightly lower this morning, as investors wait to digest this morning's release of ADP's employment report for December. The data is often seen as a leading indicator to the Labor Department's nonfarm payrolls number, which will be unveiled Friday morning. Additionally, traders will also be watching for this afternoon's release of the Federal Open Market Committee's (FOMC) latest meeting minutes, in which the central bank voted to trim its monthly asset purchases by $10 billion. Meanwhile, on the corporate front, Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes that, "The markets will also react to last night's earnings report from Micron Technology, Inc. (NASDAQ:MU), which happened to be the second best performer in the S&P 500 Index (SPX) last year behind Netflix, Inc. (NASDAQ:NFLX). MU beat on revenue and earnings per share."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 17 points south of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,414,866 call contracts traded on Tuesday, compared to 667,557 put contracts. The resultant single-session put/call ratio fell to 0.47, while the 21-day moving average stayed at 0.54.
Currencies and Commodities
Earnings and Economic Data
ADP's employment report for December is scheduled for today, along with regularly scheduled crude inventories, and the minutes from the latest FOMC meeting. Bed Bath & Beyond (BBBY), Constellation Brands (STZ), Global Payments (GPN), Greenbrier (GBX), Monsanto (MON), Ruby Tuesday (RT), Schnitzer Steel Industries (SCHN), Texas Industries (TXI), and WD-40 (WDFC) will report quarterly results.
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