The Dow Jones Industrial Average (INDEXDJX:DJI) is slightly higher ahead of the opening bell, buoyed by a 2% pre-market jump for component Microsoft Corporation (NASDAQ:MSFT) after last night's earnings report. There are no major economic reports due out today, so corporate earnings will continue to be a key catalyst -- including results from Apple Inc. (NASDAQ:AAPL), which is up 0.7% in electronic trading following its fiscal third-quarter announcement. Elsewhere, European Union (EU) officials expanded sanctions on Russia following their Tuesday meeting, though they opted against potentially crippling "phase three" penalties. As for the ongoing conflict in Gaza, U.S. Secretary of State John Kerry is in Tel Aviv today for cease-fire talks with U.N. Secretary General Ban Ki-moon, Israeli Prime Minister Benjamin Netanyahu, and Palestinian President Mahmoud Abbas.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 8 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.20 million call contracts traded on Tuesday, compared to 707,694 put contracts. The resultant single-session equity put/call ratio fell to 0.59, while the 21-day moving average held at 0.57.
Currencies and Commodities
Earnings and Economic Data
The usual weekly update on crude inventories is set for release today. On the earnings front, we'll be hearing from AT&T (T), Boeing (BA), QUALCOMM (QCOM), Angie's List (ANGI), Biogen Idec (BIIB), Cirrus Logic (CRUS), Citrix Systems (CTXS), Delta Air Lines (DAL), Dow Chemical (DOW), EMC Corporation (EMC), E*TRADE Financial (ETFC), F5 Networks (FFIV), Freeport-McMoRan Copper & Gold (FCX), Gilead Sciences (GILD), PepsiCo (PEP), and TripAdvisor (TRIP).
The Case for Big Moves in IWM and QQQ
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