The Dow Jones Industrial Average (INDEXDJX:DJI) is poised to retreat from record-high territory, after the U.S. and European Union (EU) issued a new round of sanctions against Russia. Additionally, traders will have a slew of data on both the earnings and economic front to digest throughout the session. Specifically, quarterly results from financial firm Morgan Stanley (NYSE:MS) and blue chip UnitedHealth Group Inc. (NYSE:UNH) were released this morning, while updates on housing and jobless claims are due ahead of the bell. Against this backdrop, futures for the DJI were last seen more than 52 points lower.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 52 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 1.54 million call contracts traded on Wednesday, compared to 770,552 put contracts. The resultant single-session put/call ratio fell to 0.50, while the 21-day moving average edged up to 0.55.
Currencies and Commodities
Earnings and Economic Data
Among the economic reports scheduled for today are the latest housing starts data, weekly jobless claims, and the Philadelphia Fed's manufacturing survey. Companies stepping into the earnings confessional include International Business Machines (IBM), UNH, Advanced Micro Devices (AMD), Google (GOOGL), athenahealth (ATHN), Blackstone (BX), Capital One (COF), Fifth Third (FITB), KeyCorp (KEY), Mattel (MAT), MS, Novartis (NVS), Philip Morris International (PM), Seagate Technology (STX), and Sherwin-Williams (SHW).
The Case for Big Moves in IWM and QQQ
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