The Dow Jones Industrial Average (INDEXDJX:DJI) is headed sharply higher ahead of the bell, buoyed by a much better-than-expected earnings report from Caterpillar Inc. (NYSE:CAT). Also helping U.S. equities is strong purchasing managers index (PMI) data coming out of Europe and Asia. Looking ahead, Markit's flash PMI and the Conference Board's index of leading indicators are due out later this morning, while several firms are slated to report earnings after the close, including Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT).
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 175 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.1 million call contracts traded on Wednesday, compared to 811,603 put contracts. The resultant single-session equity put/call ratio jumped to 0.74.
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