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Dow Jones Industrial Average, S&P 500 Signal a Strong Start

Today's economic reports include durable goods and consumer confidence

by 5/27/2014 8:12:17 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:DJI) is looking to extend its run into positive year-to-date territory, with futures pointed solidly higher. Among equities in focus, Cisco Systems, Inc. (NASDAQ:CSCO) and Pfizer Inc. (NYSE:PFE) may help buoy the blue-chip barometer, after the former received an early morning upgrade, and the latter abandoned its bid for AstraZeneca plc (ADR) (NYSE:AZN). Meanwhile, on the economic front, investors will have a number of reports to digest after the long holiday weekend, including updates on durable goods, housing, and consumer confidence.

Elsewhere, "Small-caps and high-beta names led the market yet again on Friday, which is a positive sign for bulls, and the S&P 500 Index (SPX) overtook the key 1,900 level," said Schaeffer's Senior Trading Analyst Bryan Sapp. "What's more, the index finished the day at an all-time closing peak. The long holiday weekend opened up the potential for an extended gap through this level today, and offers the opportunity for new all-time intraday highs." Ahead of the bell, futures on the S&P 500 are sitting more than 5 points north of breakeven.

Plus, our Trading Topic of the Week -- Tips for Buying Weekly Options: Buyers should avoid sluggish stocks. Don't use weekly options to bet on a slowly trending blue chip -- you need a fast, aggressive move in the right direction.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 55 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,016,591 call contracts traded on Friday, compared to 591,881 put contracts. The resultant single-session put/call ratio plunged to 0.58, while the 21-day moving average remained at 0.64.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is eyeing a 0.2% drop ahead of the bell, with the currency last seen at 80.28.
  • Elsewhere, crude oil is looking to pare a portion of last week's gain, with the commodity 0.2% lower in pre-market trading to hover near $104.13 per barrel.
  • Gold futures are also pointed south, with the malleable metal down 0.6% at $1,283.60 an ounce.
Currencies and commodities

Earnings and Economic Data

Due out today are durable goods orders for April, the S&P/Case-Shiller home price index, the Conference Board's consumer confidence index, and the Dallas Fed's manufacturing survey. AutoZone (AZO), Frontline (FRO), JinkoSolar Holding (JKS), Qihoo 360 Technology (QIHU), and Workday (WDAY) will step up to the earnings plate.

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