The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed higher this morning, as the blue-chip barometer looks to break its five-session losing streak. Investors will have a glut of economic data to sift through, including weekly jobless claims, the final reading on second-quarter gross domestic product (GDP), and pending home sales. Additionally, a number of Federal Reserve officials are scheduled to give speeches throughout the day.
Among equities, Schaeffer's Senior Trading Analyst Bryan Sapp is "keeping a close eye on Wal-Mart Stores, Inc. (NYSE:WMT), and its 200-day moving average. Rumors surfaced yesterday suggesting weak consumer demand at its stores, and the market sold off with the stock. WMT earnings have long been considered a proxy for the well-being of the middle class, so this could possibly be some economic foreshadowing in the near term."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sitting nearly 46 points north of breakeven.
The Chicago Board Options Exchange (CBOE) saw 998,811 call contracts traded on Wednesday, compared to 615,794 put contracts. The resultant single-session put/call ratio rose to 0.62, while the 21-day moving average remained at 0.57.
From the Trading Floor
"The new Investors Intelligence data came out yesterday, and didn't show much of a change from last week," noted Sapp. "The market seems to have reached the 'acceptance' phase, and, barring any major shock, I would expect the current environment to persist for the time being."
Currencies and Commodities
Earnings and Economic Data
The final second-quarter GDP figure is slated for release today, as are weekly jobless claims and pending home sales. Nike (NKE), meanwhile, will step into the earnings confessional.
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