Dow Jones Industrial Average Futures Signal a Step Back

Dow Pointed Lower; Plus, Should Pandora Bulls Be Worried?

by Josh Selway

Published on Apr 23, 2015 at 8:39 AM
Updated on Jun 24, 2020 at 10:16 AM

With futures on the Dow Jones Industrial Average (DJIA) lower, U.S. stocks look ready to backpedal after surging higher yesterday. Today's earnings slate is arguably the most high-profile of the week, with 3M Co (NYSE:MMM), Caterpillar Inc. (NYSE:CAT), and Google Inc (NASDAQ:GOOGL) all reporting, among several others. Also, Markit's flash purchasing managers manufacturing index (PMI) will be released, along with weekly jobless figures.

    And now, on to the numbers...

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    Futures on the Dow Jones Industrial Average (DJIA) are 58.3 points below fair value.

    Market Statistics

    The Chicago Board Options Exchange (CBOE) saw 997,741 call contracts traded on Wednesday, compared to 572,000 put contracts. The resultant single-session equity put/call ratio fell to 0.57, while the 21-day moving average stayed exactly the same at 0.63.

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    Currencies and Commodities

    • The U.S. dollar index is up 0.05% at 97.98.
    • Crude oil is down 0.4% to trade at $55.96 per barrel.
    • Gold is up 0.2% at $1,189.70 per ounce.

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    Earnings and Economic Data

    Hitting the Street today are weekly jobless claims, Markit's flash purchasing managers manufacturing index (PMI), and new home sales. The day is packed with quarterly reports from MMM, CAT, Microsoft (MSFT), Procter & Gamble (PG), Amazon.com (AMZN), General Motors (GM), GOOGL, Pandora Media (P), Starbucks (SBUX), AbbVie (ABBV), Alaska Air (ALK), Altera (ALTR), Altria (MO), Capital One Financial (COF), Domino's Pizza (DPZ), Dow Chemical (DOW), Dr Pepper Snapple (DPS), Dunkin' Brands (DNKN), E*Trade Financial (ETFC), Eli Lilly (LLY), Freeport-McMoRan (FCX), Freescale Semiconductor (FSL), Hershey (HSY), Juniper Networks (JNPR), Newmont Mining (NEM), Novartis (NVS), Peabody Energy (BTU), PepsiCo (PEP), PulteGroup (PHM), Raytheon (RTN), Southwest Airlines (LUV), and Stanley Black & Decker (SWK). To see what else is on this week's agenda, click here.

    Overseas Trading

    It was another solid day for Asian equities. It was South Korea's Kospi that led the way by gaining 1.4%, on its way to hitting multi-year highs after a round of upbeat earnings and a stronger-than-forecast gross domestic product (GDP) reading. Elsewhere, China's Shanghai Composite and Japan's Nikkei added 0.4% and 0.3%, respectively, with the latter reaching a 15-year peak once again. Conversely, Hong Kong's Hang Seng fell 0.4%.

    In Europe, stocks are mostly lower, with Markit's PMI showing disappointing growth. Germany's DAX has suffered the most, 1.4% below breakeven at last check. France's CAC 40 is off nearly 1%, with London's FTSE 100 just a smidge in the red, down 0.01%.

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    Unusual Put and Call Activity:

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