Oil, Copper Weigh On Dow Jones Industrial Average

Sinking copper prices are hitting commodity stocks

Jan 14, 2015 at 8:31 AM
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The Dow Jones Industrial Average (INDEXDJX:DJI) is following its overseas peers lower, as oil continues to weigh on global investor sentiment. Also in focus today is copper, as a fresh 5.5-year low in the commodity -- as well as a downwardly revised international growth outlook for this year and next from the World Bank -- has precipitated a sell-off in mining stocks. On the economic front, the latest retail sales data is due out this morning, while the Fed's Beige Book will hit the Street this afternoon. A pair of major financial players -- specifically, JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) -- are in the limelight today, too, as earnings season ramps up.

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 roughly 119 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1.3 million call contracts traded on Tuesday, compared to 883,389 put contracts. The resultant single-session equity put/call ratio dipped to 0.66, while the 21-day moving average remained at 0.64.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index has edged 0.04% lower at 92.27.
  • Crude oil is pointed south again, off 0.2% to $46.41 per barrel.
  • Gold is also sitting in red territory, down 0.4% at $1,229.80 per ounce.
Currencies and commodities

Earnings and Economic Data

Today's packed docket includes retail sales, import and export prices, business inventories, the Energy Information Administration's (EIA) weekly stockpiles report, and the Fed's Beige Book. JPM and WFC will release their quarterly earnings data.

Overseas Trading

Asian benchmarks got hit amid an ongoing sell-off in crude and a downwardly revised 2015 and 2016 global growth forecast at the World Bank. Japan's Nikkei suffered the most, shedding 1.7%, with widespread weakness among exporters due to a strengthening yen. China's Shanghai Composite and Hong Kong's Hang Seng each lost 0.4%. Meanwhile, South Korea's Kospi gave back 0.2%, amid news that Hyundai Glovis executives were unable to sell a $1.25 billion stake in the company, which handles logistics for Hyundai Motor.

Stocks in Europe are also sitting lower around midday, hurt by heavy selling in energy and copper mining firms. However, investors received a bit of good news when the European Court of Justice gave a stamp of approval to the Outright Monetary Transactions bond-buying initiative -- a potential precursor to quantitative easing. At last check, though, London's FTSE 100 was still down 1.8%. France's CAC 40 and Germany's DAX, meanwhile, are staring at 0.5% losses.

Overseas markets

Unusual Put and Call Activity:

For an explanation of how to use this information, check out our Education Center topics on Option Volume and Open Interest Configurations.

Unusual options activity - puts

Unusual options activity - calls

 

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