The Dow Jones Industrial Average (INDEXDJX:DJI) is headed higher in pre-market action, thanks to a pair of solid earnings. Specifically, drug makers and Dow components Merck & Co., Inc. (NYSE:MRK) and Pfizer Inc. (NYSE:PFE) both reported stronger-than-expected quarterly results, helping to offset lingering geopolitical concerns in Ukraine and Gaza. Outside of the earnings confessional, Wall Street is awaiting data on housing and consumer confidence, and keeping a close eye on the Federal Open Market Committee (FOMC), which starts its two-session policy meeting today.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 37 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.01 million call contracts traded on Monday, compared to 595,747 put contracts. Both the resultant single-session equity put/call ratio and the 21-day moving average arrived at 0.59.
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Earnings and Economic Data
The FOMC will begin its two-day policy-setting meeting today. Meanwhile, the S&P/Case-Shiller home price index and the Conference Board's consumer confidence survey will be released. Slated to release quarterly numbers are American Express (AXP), MRK, PFE, Sirius XM Holdings (SIRI), Twitter (TWTR), Aetna (AET), AFLAC (AFL), AK Steel (AKS), Arch Coal (ACI), BP plc (BP), Buffalo Wild Wings (BWLD), Genworth Financial (GNW), Honda Motor (HMC), Level 3 Communications (LVLT), Marriott International (MAR), Newmont Mining (NEM), Panera Bread (PNRA), Reynolds American (RAI), Trinity Industries (TRN), U.S. Steel (X), and Waste Management (WM).
Why OIH Is Finding Key Support at $52
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