The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to extend Monday's Yellen-induced momentum, with futures modestly higher in pre-market trading. "Equities started the week on a positive note, as most sectors finished well in the green," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Energy names that have been leading of late took a bit of a breather, while technology and small-caps outperformed. For this morning, keep an eye on the automotive sector, as vehicle sales for March will be released."
Additionally, the Institute for Supply Management's (ISM) manufacturing index, construction spending, and Markit's purchasing managers manufacturing index (PMI) are due out. Meanwhile, as Venosa notes, "Markets will also be anxiously awaiting this Friday's latest employment report for March." Heading into the second quarter, futures on the DJI are up more than 42 points.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting more than 42 points north of breakeven.
The Chicago Board Options Exchange (CBOE) saw 957,440 call contracts traded on Monday, compared to 543,919 put contracts. The resultant single-session put/call ratio fell to 0.57, while the 21-day moving average rose to 0.60.
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Earnings and Economic Data
Due out today are motor vehicle sales, the ISM manufacturing index, construction spending, and Markit's PMI for March. Apollo Education Group (APOL) will step up to the earnings plate.
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