Action on the corporate front is driving the Dow Jones Industrial Average (INDEXDJX:DJI) higher this morning, with futures sitting solidly in the green ahead of the bell. Specifically, Intel Corporation (NASDAQ:INTC) reported better-than-expected quarterly earnings last night, while International Business Machines Corp. (NYSE:IBM) and Apple Inc. (NASDAQ:AAPL) announced a new partnership. All three stocks are pointed north in pre-market trading.
Investors will also have their hands full digesting a round of economic data points that include updates on housing, factory activity, and inflation. Additionally, Federal Reserve Chair Janet Yellen will conclude her two-day testimony in front of Congress, speaking before the House Financial Services Committee later this morning. Separately, Dallas Fed President Richard Fisher is slated to take the podium around midday.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 53 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.07 million call contracts traded on Tuesday, compared to 621,050 put contracts. The resultant single-session put/call ratio remained at 0.58, while the 21-day moving average rose to 0.54.
Currencies and Commodities
Earnings and Economic Data
The producer price index (PPI) and core PPI, Treasury International Capital (TIC) data for May, industrial production and capacity utilization, the National Association of Home Builders (NAHB) housing market index, regularly scheduled crude inventories, and the Federal Reserve's Beige Book are all on today's docket. Reporting earnings are Bank of America (BAC), EBAY, Abbott Labs (ABT), BlackRock (BLK), MGIC Investment (MTG), PNC Financial Services (PNC), SanDisk (SNDK), St. Jude Medical (STJ), U.S. Bancorp (USB), and Yum! Brands (YUM).
The Case for Big Moves in IWM and QQQ
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