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European stocks are coming back strong, and now the U.S. appears ready to rally
The Dow Jones Industrial Average (INDEXDJX:DJI) is ready to continue this up-and-down week, with futures suggesting a start in the black after yesterday's triple-digit drop. U.S. stocks are tracking gains in European indexes, which are also fighting back from a major sell-off. Traders continue to consider the surging dollar and the price of oil leading up to the Federal Open Market Committee's (FOMC) meeting next week, amid growing speculation of a June hike in interest rates.
And now, on to the numbers...
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 35 points above fair value.
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 885,807 call contracts traded on Tuesday, compared to 596,476 put contracts. The resultant single-session equity put/call ratio rose to 0.67, while the 21-day moving average remained at 0.62.
Currencies and Commodities
- The U.S. dollar index is up 0.7% at 99.28.
- Crude oil has added 0.2% at $50.18 per barrel.
- Gold is down 0.1% at $1,158.70 per ounce.
Earnings and Economic Data
Weekly crude inventories and the Treasury budget will be released today. Express (EXPR), Krispy Kreme Doughnuts (KKD), Men's Wearhouse (MW), Shake Shack (SHAK) and Tahoe Resources (TAHO) will flex their earnings muscles. To see what else is coming up on this week's agenda, click here.
Overseas Trading
Asian markets finished mixed on Wednesday, as traders took in a wide range of disappointing economic data from China -- though the Shanghai Composite managed to eke out a 0.2% gain amid renewed stimulus hopes. Japan's Nikkei added 0.3% on a slimmer-than-expected drop in machinery orders, while South Korea's Kospi dropped 0.2%, and Hong Kong's Hang Seng was off 0.8%.
European bourses are bouncing back after yesterday's sell-off, as investors await remarks from European Central Bank (ECB) President Mario Draghi at a monetary policy conference in Frankfurt. At last check, London's FTSE 100 was up 0.09%, while the French CAC 40 and German DAX each added more than 1.5%.
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.