On a day chock-full of earnings and economic data, the Dow Jones Industrial Average (INDEXDJX:DJI) is on pace for a positive start. Upbeat manufacturing data from around the globe is fostering a bullish bias, with the latest stats out of China and the eurozone topping expectations. Here in the U.S., big names like Ford Motor Company (NYSE:F), Bristol-Myers Squibb Co (NYSE:BMY), and Facebook Inc (NASDAQ:FB) are all trading higher ahead of the bell following their respective earnings results. Meanwhile, traders are staying tuned for employment and housing reports due out later this morning.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 27 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.45 million call contracts traded on Wednesday, compared to 853,875 put contracts. The resultant single-session equity put/call ratio stayed at 0.59, while the 21-day moving average edged up to 0.58.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims, Markit's flash purchasing managers manufacturing index (PMI), and new home sales are all due out today. Entering the earnings spotlight will be 3M (MMM), Caterpillar (CAT), Visa (V), Amazon.com (AMZN), Baidu (BIDU), General Motors (GM), Potash Corp./Saskatchewan (POT), Starbucks (SBUX), Alaska Air Group (ALK), American Airlines (AAL), Boston Scientific (BSX), Cliffs Natural Resources (CLF), Dunkin Brands (DNKN), Eli Lilly (LLY), Hershey (HSY), JetBlue Airways (JBLU), Noble Energy (NBL), Pandora Media (P), PulteGroup (PHM), QLogic (QLGC), Southwest Airlines (LUV), Under Armour (UA), and United Continental (UAL).
The Case for Big Moves in IWM and QQQ
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