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Dow Jones Industrial Average Taps the Brakes; Google Inc (GOOGL) Earnings Miss

GOOGL's first-quarter results failed to match analysts' estimates

by 4/17/2014 8:10:02 AM
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The Dow Jones Industrial Average (INDEXDJX:DJI) is on pace to snap its three-session winning streak, with futures pointed lower ahead of the bell. The day could see some volatility, as Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes, "Today is options expiration, with markets closed tomorrow in observance of Good Friday. Plus, big names such as International Business Machines Corp. (NYSE:IBM), Goldman Sachs Group Inc (NYSE:GS), and Morgan Stanley (NYSE:MS) are reporting earnings, so the market will have a lot to digest before the long weekend." Elsewhere on the earnings front, tech titan Google Inc (NASDAQ:GOOGL) is lower in pre-market trading, after its first-quarter results fell short of consensus estimates.

In addition to today's raft of earnings, updates on weekly jobless claims and factory activity in the Philadelphia region are due. Across the pond, meanwhile, diplomats from the U.S., European Union, Russia, and Ukraine are meeting in Geneva to discuss rising geopolitical tensions.

Plus, our Trading Topic of the Week -- Tips for Short-Term Trading: Select your option carefully. Consider your risk appetite and forecast for the stock when choosing a strike and expiration date, since there's no room for error when your trading time frame can be measured in hours.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 30 points below breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,219,255 call contracts traded on Wednesday, compared to 651,101 put contracts. The resultant single-session put/call ratio dropped to 0.53, while the 21-day moving average remained at 0.59.

NYSE and Nasdaq summary

Volatility indices

From the Trading Floor

"Markets continued north on Wednesday, with most indexes closing at the highs of the day," said Venosa. "Solar and airline names were the big winners, as gold miners retreated."

Currencies and Commodities

  • The U.S. dollar index has fallen 0.2% to 79.63 ahead of the bell.
  • Likewise, crude oil has shed 0.2% to trade at $102.88 per barrel.
  • Gold futures are down in pre-market trading, as well, and were last seen 0.03% lower at $1,303.10 an ounce.
Currencies and commodities

Earnings and Economic Data

Hitting the Street today are weekly jobless claims and the Philadelphia Fed's manufacturing survey. Meanwhile, DuPont (DD), General Electric (GE), GS, UnitedHealth Group (UNH), Advanced Micro Devices (AMD), Baker Hughes (BHI), Chipotle Mexican Grill (CMG), Fifth Third Bancorp (FITB), Honeywell (HON), Mattel (MAT), MS, PepsiCo (PEP), and Sherwin-Williams (SHW) will step into the earnings confessional.

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