The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed lower ahead of the bell, as buyers sit on the sidelines amid lingering geopolitical concerns and ahead of a busy data week. While a humanitarian ceasefire has temporarily cooled fighting in Gaza, tensions between the West and Russia are heating up, after the European Union agreed to impose more economic sanctions on the country. Meanwhile, data on home sales and manufacturing will hit the Street this morning, though investors are already speculating ahead of the Federal Open Market Committee's (FOMC) policy statement and the latest payrolls report, slated for Wednesday and Friday, respectively.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 21 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 1.17 million call contracts traded on Friday, compared to 717,631 put contracts. The resultant single-session equity put/call ratio jumped to 0.62, while the 21-day moving average stayed at 0.58.
Currencies and Commodities
Earnings and Economic Data
Kicking off the week are pending home sales data and the Dallas Fed's manufacturing survey. Cummins (CMI), Herbalife (HLF), Sohu.com (SOHU), and Tyson Foods (TSN) will report quarterly earnings.
The Case for Big Moves in IWM and QQQ
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