Dow Higher as Optimism Builds Ahead of Earnings, Fed

The Dow Jones Industrial Average (DJIA) is looking to erase all of yesterday's modest losses, as traders take a glass-half-full approach to today's market-moving events. First up are the minutes from the latest Federal Open Market Committee (FOMC) meeting, due at 2 p.m. ET. Additionally, first-quarter earnings season unofficially gets underway after the close when aluminum giant Alcoa Inc (NYSE:AA) unveils its results. Meanwhile, the energy sector could garner some attention today, after Royal Dutch Shell plc (ADR) (NYSE:RDS.A) said it would acquire BG Group for roughly $70 billion.

• The S&P 500 Index (SPX) is trying to make it 10 positive quarters in a row. Schaeffer's Senior Quantitative Analyst Rocky White compares the current win streak to past streaks, and shows you why bullish investors should gear up for April.
• This biotech stock shot higher yesterday, bringing its year-to-date lead to 32%, after the FDA described its cancer drug as a "breakthrough."
• Options volume on this stock jumped to 50 times normal daily level after traders found out about Warren Buffett's $560 million stake, while GoPro Inc (NASDAQ:GPRO) calls were hot thanks to another famous investor.

Futures on the Dow Jones Industrial Average (DJIA) are about 22 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 689,156 call contracts traded on Tuesday, compared to 409,014 put contracts. The resultant single-session equity put/call ratio rose to 0.59, while the 21-day moving average remained at 0.66.

Currencies and Commodities

• The U.S. dollar index is down 0.3% at 97.55.
• Crude oil is on pace to give back some of yesterday's gains, off 2.4% at $52.67 per barrel.
• Gold is 0.2% lower at $1,207.70 per ounce.

Earnings and Economic Data

Today, the weekly crude inventories report and the FOMC's meeting minutes are slated for release. AA's report marks the unofficial start to first-quarter earnings season, while Bed Bath & Beyond (BBBY), Family Dollar (FDO), Pier 1 Imports (PIR), and Rite Aid (RAD) are also set to announce quarterly results. To see what else is on this week's agenda, click here.

Overseas Trading

Asian benchmarks gained ground today, with Hong Kong's Hang Seng returning from holiday with a 3.8% pop. Elsewhere, China's Shanghai Composite added 0.9%, thanks to a merger-inspired rally in railway issues CSR and China CNR. Japan's Nikkei, meanwhile, tacked on 0.8%, after the Bank of Japan (BoJ) maintained its current monetary policy, and South Korea's Kospi added 0.6%.

Markets in Europe are mixed at midday, ahead of a meeting between Greek Prime Minister Alexis Tsipras and Russian President Vladimir Putin. At last check, London's FTSE 100 is up 0.5% as traders cheer Royal Dutch Shell's planned acquisition of BG Group, and the French CAC 40 is flirting with a 0.04% lead. The German DAX, meanwhile, is off 0.3% following a drop in factory orders.

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