Dow Jones Industrial Average Pointed Higher; Fed Minutes in Focus

The Dow Jones Industrial Average (DJIA) is signaling a higher start this morning -- and could be on track for another record-setting session. The day's attention will likely swarm around the Federal Open Market Committee's (FOMC) April meeting minutes -- set for release at 2 p.m. ET -- as traders look for hints of a possible June rate hike. Ahead of the highly anticipated event, speculators will have plenty of earnings reports to digest, including those from Lowe's Companies (NYSE:LOW), Etsy Inc (NASDAQ:ETSY), and Staples, Inc. (NASDAQ:SPLS).

 

Continue reading for more on today's market, including:

 

• 30 stocks that could go wild next week, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.
• How these 3 sentiment indicators can help sharpen your trading skills.
• Option bulls threw a Hail Mary on this sinking solar stock, while bears made a rare appearance on this retreating drugmaker.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are nearly 10 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 803,780 call contracts traded on Tuesday, compared to 475,949 put contracts. The resultant single-session equity put/call ratio dropped to 0.59, while the 21-day moving average fell to 0.63.

Currencies and Commodities

• The U.S. dollar index is up 0.3% at 95.56.
• Crude oil is on the mend, last seen 1% higher at $58.58 per barrel.
• Gold has tacked on roughly 0.1% to trade at $1,207.80 per ounce.

 

 

Earnings and Economic Data

 

The minutes from the FOMC's latest meeting will be released today, along with weekly crude inventories. Stepping up for earnings will be American Eagle Outfitters (AEO), Hormel Foods (HRL), L Brands (LB), LOW, NetApp (NTAP), Salesforce.com (CRM), Shoe Carnival (SCVL), SouFun (SFUN), SPLS, Target (TGT), and Williams-Sonoma (WSM). To see what else is on this week's agenda, click here.

 

Overseas Trading

 

It was a mostly higher finish in Asia today, as traders cheered a record-setting day on Wall Street and stronger-than-forecast gross domestic product (GDP) data from Japan. By the close, Japan's Nikkei and South Korea's Kospi were both up 0.9%, while China's Shanghai Composite added 0.7%. Hong Kong's Hang Seng sat out the regional uptrend, shedding 0.4% amid a decline in mainland-based shares.

 

European benchmarks are mixed, after Greece's parliamentary speaker warned the country may miss a debt repayment due June 5 if a deal with lenders is not reached. At last check, the German DAX and the French CAC 40 are flirting with 0.2% losses, while London's FTSE 100 is 0.2% higher.

 

Unusual Put and Call Activity

 

 

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