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Dow Jones Industrial Average Eyes a Slow Start Ahead of Fed Minutes

The IMF announced plans to up its global growth outlook

by 1/8/2014 8:28:41 AM
Stocks quoted in this article:

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."

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 17 points south of breakeven.

Market Statistics

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.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S dollar index is up 0.2% in pre-market trading, with the currency lingering near 80.98.
  • Crude oil is on pace to extend Tuesday's positive momentum, with the front-month contract 0.4% higher at $94.01 per barrel.
  • Gold futures, meanwhile, are 0.3% lower to trade at $1,225.90 an ounce.
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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