The Dow Jones Industrial Average (DJI) is pointed nearly 200 points higher in pre-market trading. Wall Street is cheering the late-night bill passed by U.S. lawmakers to avoid sweeping tax hikes set to hit Americans in the new year.

"Economic reports should dominate headlines the rest of the week, ahead of Friday's December employment report," noted Schaeffer's Senior Options Strategist Tony Venosa. "Today, the markets will digest the latest Federal Open Market Committee (FOMC) meeting minutes, scheduled for release at 2:00 p.m. ET. Additionally, the Institute for Supply Management's (ISM) manufacturing survey is also on the day's docket."

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Futures on the Dow Jones Industrial Average are nearly 190 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 777,569 call contracts traded on Monday, compared to 485,969 put contracts. The resultant single-session put/call ratio fell to 0.62, while the 21-day moving average rose to 0.65.

Currencies and Commodities

• The U.S. dollar index is down 0.4% ahead of the bell to trade at $79.45.
• Crude oil has jumped 1.3% in pre-market trading to linger near $92.98 per barrel.
• Gold futures are higher, as well, with the front-month contract up 0.5% at $1,683.70 an ounce.

Earnings and Economic Data

The markets will resume today with the ISM manufacturing index, construction spending, and motor vehicle sales on the economic docket. The FOMC latest meeting minutes will be released at 2:00 p.m. ET. Meanwhile, Landec (LNDC) will take its turn in the earnings confessional.