It's the calm before the storm, with the Dow Jones Industrial Average (DJI) sitting near breakeven ahead of today's surfeit of economic and earnings reports. "The homebuilding sector could get some attention today, with the latest housing starts and building permits data on the day's economic docket," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Also, financials will continue to be in focus, as Bank of America (NYSE:BAC) and Citigroup (NYSE:C) release their respective earnings results."

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Futures on the Dow Jones Industrial Average are hovering just below the flatline.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 890,353 call contracts traded on Wednesday, compared to 670,859 put contracts. The resultant single-session put/call ratio jumped to 0.75, while the 21-day moving average rose to 0.65.

Currencies and Commodities

• The U.S. dollar index has dropped 0.2% ahead of the bell to hover near $79.64.
• Crude oil is eyeing a multi-month high, with the front-month contract up 0.4% to trade at $95.06.
• Gold futures are poised to extend Wednesday's modest loss, with the commodity down 0.08% at $1,681.90 an ounce.

Earnings and Economic Data

The rush of economic data continues today with housing starts and building permits, the Philadelphia Fed's manufacturing index, and the regularly scheduled weekly jobless claims. Elsewhere, quarterly earnings reports are due out from American Express (AXP), BAC, Intel (INTC), UnitedHealth Group (UNH), BB&T (BBT), BlackRock (BLK), Capital One Financial (COF), C, Fastenal (FAST), FITB, Huntington Bancshares (HBAN), and PNC Financial (PNC).