The Dow Jones Industrial Average (DJI) is pointed modestly higher ahead of the bell, though Apple Inc.'s (NASDAQ:AAPL) disappointing turn in the earnings confessional is dragging on the tech-rich Nasdaq Composite (COMP). "Apple earnings will surely have an impact on the markets today," noted Schaeffer's Senior Trading Analyst Bryan Sapp. Elsewhere, "We're bumping into 1,500 on the S&P 500 Index (SPX), and also 900 on the Russell 2000 Index (RUT)," Sapp continued. "These are two key psychological levels to overcome."
Futures on the Dow Jones Industrial Average are nearly 18 points above breakeven.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 816,558 call contracts traded on Wednesday, compared to 566,364 put contracts. The resultant single-session put/call ratio jumped to 0.69, while the 21-day moving average remained at 0.64.
Currencies and Commodities
Earnings and Economic Data
Today's economic calendar features weekly jobless claims, the holiday delayed crude inventories data, and the flash purchasing managers manufacturing index (PMI) for January. On the earnings front, Microsoft (MSFT), Nokia (NOK), 3M (MMM), AT&T (T), Starbucks (SBUX), Alaska Air Group (ALK), Bristol-Myers Squibb (BMY), Celgene (CELG), Cirrus Logic (CRUS), Cypress Semiconductor (CY), E*TRADE Financial (ETFC), Fairchild Semiconductor (FCS), Informatica (INFA), ITT Educational Services (ESI), J.B. Hunt Transport Services (JBHT), JNPR, KeyCorp (KEY), Knight Capital Group (KCG), Lockheed Martin (LMT), Maxim Integrated Products (MXIM), Raytheon (RTN), Southwest Airlines (LUV), Stanley Black & Decker (SWK), Synaptics (SYNA), Tempur-Pedic (TPX), Union Pacific (UNP), VeriSign (VRSN), and Xerox (XRX) will unveil their latest quarterly reports.
Mid-Caps Nearing a Triple of March 2009 Lows
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