Dow Jones Industrial Average Bounces Ahead of Data

St. Louis Fed President James Bullard believes zero percent interest rates are no longer appropriate

Mar 24, 2015 at 8:26 AM
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The Dow Jones Industrial Average (DJIA) is signaling a positive start to the day, as Wall Street prepares itself for a number of economic reports. Specifically, the consumer price index (CPI), Markit's purchasing managers manufacturing index (PMI), and new home sales are due out this morning. Meanwhile, traders are digesting the latest remarks from St. Louis Fed President James Bullard, who said earlier, "Zero is no longer the appropriate interest rate for the U.S. economy." However, he also hedged his hawkish language, adding that monetary policy will remain "extremely accommodative." Overseas, the big news includes a reported Airbus plane crash in southern France, as well as Greece's plans to present an economic reform proposal to a group of eurozone finance ministers by no later than Monday.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average 2 Minute (DJIA) are roughly 43 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 907,438 call contracts traded on Monday, compared to 503,796 put contracts. The resultant single-session equity put/call ratio edged down to 0.56, while the 21-day moving average held at 0.64.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is off 0.3% at 96.75.
  • Crude oil has tacked on 0.5% to trade at $47.69 per barrel.
  • Gold is up 0.4% at $1,192.80 per ounce.
Currencies and commodities

Earnings and Economic Data

The release of new home sales data and the CPI comprise today's docket. Slated to report earnings are McCormick (MKC), Sonic (SONC), and Steelcase (SCS). To see what else is on this week's agenda, click here.

Overseas Trading

Asian equities were mixed, as traders digested a surprise drop in China's HSBC flash manufacturing PMI. On the negative side, Japan's Nikkei surrendered 0.2% and Hong Kong's Hang Seng gave back 0.4%. Conversely, South Korea's Kospi picked up 0.2%, thanks to some positive eleventh-hour momentum, while China's Shanghai Composite rebounded from a 1% midday deficit for a tenth straight daily win, finishing 0.1% above the flatline.

European bourses are mostly higher amid a raft of encouraging economic data -- including a nearly four-year high in eurozone business activity this month. Specifically, France's CAC 40 is up 0.2%, after Markit's preliminary composite PMI showed a second straight month of private sector growth, while London's FTSE 100 has edged 0.1% north. However, the German DAX is down 0.1%, as reports that a Lufthansa-operated plane has crashed overshadow a better-than-expected PMI.

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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