Dow Looks North as Investors Cheer Boeing, Apple

The Dow Jones Industrial Average (INDEXDJX:DJI) is set to open sharply higher, ahead of this afternoon's Federal Open Market Committee (FOMC) policy decision. The risk-on attitude is being sparked by earnings beats from Dow component Boeing Co (NYSE:BA), as well as tech heavyweight Apple Inc. (NASDAQ:AAPL) -- a welcome break from yesterday's raft of weak reports, which sparked a huge sell-off. Looking ahead, Facebook Inc (NASDAQ:FB) will divulge quarterly numbers after the close.

• A closer look at this major pre-earnings bet on GoPro Inc (NASDAQ:GPRO).
• Can Netflix, Inc.'s (NASDAQ:NFLX) positive momentum carry through week's end? These traders think so.
• This telecom issue soared on M&A rumblings, bringing option bulls to the plate.

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 98 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 945,523 call contracts traded on Tuesday, compared to 716,428 put contracts. The resultant single-session equity put/call ratio jumped to 0.76, while the 21-day moving average edged up to 0.67.

Currencies and Commodities

• The U.S. dollar index is up 0.1% at 94.10.
• Crude oil is down 1.5% at $45.55 per barrel.
• Gold looks ready to give back some of yesterday's gains, off 0.1% at $1,291.50 per ounce.

Earnings and Economic Data

Crude inventories and the FOMC policy announcement come out today. FB, AmerisourceBergen (ABC), Anthem (ANTM), Biogen Idec (BIIB), Cirrus Logic (CRUS), Citrix Systems (CTXS), EMC Corporation (EMC), Fiat Chrysler (FCAU), General Dynamics (GD), Hess (HES), International Game Technology (IGT), International Paper (IP), Las Vegas Sands (LVS), Meritor (MTOR), Progressive (PGR), QUALCOMM (QCOM), Steel Dynamics (STLD), T. Rowe Price (TROW), Tractor Supply (TSCO), and Vertex Pharmaceuticals (VRTX) will report earnings.

Overseas Trading

Asian markets ended mixed, as investors took a cautious approach ahead of today's Fed policy statement. China's Shanghai Composite was the biggest mover, losing 1.4% on continued worries over sagging industrial profits. Elsewhere, South Korea's Kospi tacked on 0.5%, while Hong Kong's Hang Seng and Japan's Nikkei gained 0.2% each -- the latter boosted by strength among exporters.

European bourses are sitting mostly lower, with a sell-off among Greek banking stocks weighing on sentiment throughout the region. At last check, London's FTSE 100 was 0.1% south of breakeven, and France's CAC 40 has given back 0.5%. However, the German DAX is bucking the bearish trend, up 0.3%, helped by a strong consumer confidence survey.

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