The Dow Jones Industrial Average (INDEXDJX:DJI) is poised to follow its European counterparts into the red, with futures pointed sharply lower ahead of the bell. Weighing on investor sentiment this morning is a steep sell-off in Portuguese banks, calling into question the health of the country's financial system. Additionally, hawkish comments regarding a rise in interest rates from St. Louis Fed President James Bullard -- which came in the wake of yesterday's release of the Federal Open Market Committee's (FOMC) latest meeting minutes -- is also stoking caution. Against this backdrop, futures on the blue-chip barometer are bracing for a 145-point plunge right out of the gate.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 145 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 996,828 call contracts traded on Wednesday, compared to 539,015 put contracts. The resultant single-session put/call ratio fell to 0.54, while the 21-day moving average remained at 0.52.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims and wholesale inventories are the key economic reports for today. After the close, an update on the Fed's balance sheet is due. Family Dollar (FDO) and PriceSmart (PSMT) will enter the earnings confessional.
The Case for Big Moves in IWM and QQQ
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