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Asian markets were pressured by a rash of weak economic data
The Dow Jones Industrial Average (INDEXDJX:DJI) is again headed lower, as traders process a modest recovery in European stocks and a choppy session for Asian bourses. On the economic front, the weekly crude inventories report is due out at 10:30 a.m. ET. Ahead of that release, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2015 oil demand, sending crude futures reeling in early trading. Meanwhile, among companies reporting earnings, Costco Wholesale Corporation (NASDAQ:COST) beat expectations, while Toll Brothers Inc (NYSE:TOL) fell shy of the Street's consensus estimate.
And now, on to the numbers...
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are roughly 53 points below fair value.
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 996,670 call contracts traded on Tuesday, compared to 774,691 put contracts. The resultant single-session equity put/call ratio jumped to 0.78, while the 21-day moving average edged up to 0.60.
Currencies and Commodities
- The U.S. dollar index is off a slight 0.02% at 88.67.
- Crude oil has tumbled 1.9% to $62.62 per barrel.
- Gold has given back 0.3% at $1,227.80 per ounce.
Earnings and Economic Data
The Treasury budget and weekly crude inventories make up today's docket. Avanir Pharmaceuticals (AVNR), Hovnanian (HOV), and Lands' End (LE) will report earnings.
Overseas Trading
Stocks in Asia finished the day mixed, as traders digested disappointing inflation numbers out of China, including a five-year low in the nation's consumer price index (CPI). Japan's government also released a survey showing a decline in optimism among manufacturers for the current and upcoming quarters. By the close, Japan's Nikkei had skidded to a 2.3% loss, and South Korea's Kospi was 1.3% lower. Meanwhile, the Shanghai Composite rebounded from an early session sell-off to close with a 3% gain, while Hong Kong's Hang Seng added a more modest 0.2%.
European markets are pointed higher, as stocks attempt to come back from Tuesday's losses. However, concerns are starting to brew in Eastern Europe, after the Ukrainian military said separatists failed to respect an agreed-upon ceasefire. Currently, London's FTSE 100 has tacked on 0.2%, France's CAC 40 is up 0.4%, and Germany's DAX is 0.6% higher.
Unusual Put and Call Activity:
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