Dow Jones Industrial Average Heads Lower, Nasdaq to Test 5K

Crude oil is gaining ground amid air strikes in Libya

Mar 3, 2015 at 8:18 AM

After breaking technical barriers yesterday, U.S. stocks are poised to take a breather today. Automakers will be in focus amid February sales data, while a handful of retailers are stepping into the earnings confessional. Meanwhile, speculators will keep an eye on oil, which has clawed its way back atop the mid-century mark amid fighting in Libya. In electronic trading, the Dow Jones Industrial Average (INDEXDJX:DJI) is poised to pull back from all-time highs, while the tech-rich Nasdaq Composite (COMP) is looking to test its mettle in the psychologically significant 5,000 neighborhood.

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And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 45 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 777,346 call contracts traded on Monday, compared to 444,643 put contracts. The resultant single-session equity put/call ratio edged down to 0.57, while the 21-day moving average remained at 0.61.

Currencies and Commodities

The U.S. dollar index is 0.1% higher at 95.55.
Crude oil is on the mend amid air strikes in Libya, up 1.5% at $50.35 per barrel.
Gold is up 0.1% at $1,209.60 per ounce.

Earnings and Economic Data

February auto sales are due out today. Earnings reports are expected from Ambarella (AMBA), AutoZone (AZO), Best Buy (BBY), Bob Evans Farms (BOBE), Dick's Sporting Goods (DKS), JD.Com (JD), Kate Spade (KATE), Smith & Wesson (SWHC), and TiVo (TIVO).To see what else is coming up on this week's agenda, click here.

Overseas Trading

Asian indexes failed to sustain the positive momentum from the People's Bank of China's weekend interest rate reduction. The Shanghai Composite lost 2.2%, with Hong Kong's Hang Seng dropping 0.7%. Also reversing course was Japan's Nikkei, losing 0.1% after coming off its latest 15-year high. South Korea's Kospi, however, bucked the negative trend, adding 0.2% to hit a five-month high.

At midday, European bourses are just south of breakeven, as traders consider further evidence of wholesale-level deflation and falling crude prices. London's FTSE 100 was down 0.1% at last check, while Germany's DAX and France's CAC 40 were just below breakeven for the day.

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.

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