After closing within 100 points of an all-time high yesterday, futures on the Dow Jones Industrial Average (INDEXDJX:DJI) are little moved this morning as investors await a day chock-full of data. In the first half of the session, traders will have the chance to digest a pair of employment reports, the advance reading on first-quarter gross domestic product (GDP), as well as the Chicago purchasing managers index (PMI). Plus, as Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes, "This afternoon should also be busy, as earnings from tech names like Yelp Inc (NYSE:YELP) and Western Digital Corp (NASDAQ:WDC) are set for release, as well as the latest policy statement from the Federal Open Market Committee (FOMC)."
Meanwhile, "Turnaround Tuesday came and went with a near-30-point gain in the Nasdaq Composite (COMP), which led the broader indexes higher," continued Venosa. The tech-heavy index is poised to pare a portion of these gains today, though, with component eBay Inc (NASDAQ:EBAY) set to drop following last night's dreary outlook. Twitter Inc's (NYSE:TWTR) disappointing user growth numbers should also garner a fair share of attention today, with the stock down more than 11% ahead of the bell.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 3 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,090,565 call contracts traded on Tuesday, compared to 666,455 put contracts. The resultant single-session put/call ratio dropped to 0.61, while the 21-day moving average edged higher to 0.60.
Currencies and Commodities
Earnings and Economic Data
The Automatic Data Processing (ADP) employment report, the Labor Department's advance reading on first-quarter GDP, the first-quarter employment cost index, the Chicago PMI, and weekly crude inventories will be released today. In addition, the FOMC will announce its latest policy decision at 2 p.m. ET. Meanwhile, reporting earnings are Barrick Gold (ABX), Boston Beer (SAM), Boyd Gaming (BYD), Energizer (ENR), Exelon (EXC), Garmin (GRMN), Hyatt Hotels (H), JDS Uniphase (JDSU), Level 3 Communications (LVLT), MetLife (MET), Pitney Bowes (PBI), Time Warner Inc (TWX), WebMD Health (WBMD), WDC, Weight Watchers (WTW), WellPoint (WLP), and YELP.
The Case for Big Moves in IWM and QQQ
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