Dow Jones Industrial Average Hits the Skids Ahead of a Busy Day

The Dow Jones Industrial Average (DJIA) is poised to continue its retreat from record-high territory, as traders wait to digest a bevy of economic reports slated for release today. Included in the bunch are updates on employment, factory activity, and housing -- all of which come ahead of tomorrow's highly anticipated central bank speech. Additionally, quarterly results from Best Buy Co Inc (NYSE:BBY) and NetApp Inc. (NASDAQ:NTAP) could garner some attention, with each stock poised to make a big post-earnings move.
​ 

Continue reading for more on today's market, including:

• Etsy Inc's (NASDAQ:ETSY) turn in the earnings confessional didn't quite go as planned, while American Eagle Outfitters (NYSE:AEO) turned in a stellar post-earnings performance.
• 3 notable names to have on your earnings watch list.
• Short-term options can be had for a relative bargain on Ambarella Inc (NASDAQ:AMBA), Ford Motor Company (NYSE:F), and Sunedison Inc (NYSE:SUNE).

 And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are more than 16 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 828,220 call contracts traded on Wednesday, compared to 481,436 put contracts. The resultant single-session equity put/call ratio edged down to 0.58, while the 21-day moving average stayed at 0.63.

 

Currencies and Commodities

• The U.S. dollar index down 0.2% at 95.24.
• Crude oil is up 1.1% at $59.62 per barrel.
• Gold is fractionally higher at $1,209 per ounce.

 

Earnings and Economic Data

Weekly jobless claims come out today, plus the Philadelphia Fed manufacturing survey and existing home sales. Advance Auto Parts (AAP), Aeropostale (ARO), Aruba Networks (ARUN), BBY, Buckle (BKE), Dollar Tree (DLTR), Gap (GPS), Hewlett-Packard (HPQ), Marvell Technology (MRVL), Ross Stores (ROST), and Trina Solar (TSL) will report earnings. To see what is on tomorrow's agenda, click here.

Overseas Trading

Asian benchmarks settled on both sides of breakeven today, as traders weighed a report that showed factory activity in the mainland contracted for a third consecutive month. In China, hopes for additional stimulus measures helped boost the Shanghai Composite to a 1.9% gain, while Japan's Nikkei closed up 0.03%. South Korea's Kospi, meanwhile, fell 0.8% amid a round of profit-taking, while Hong Kong's Hang Seng dropped 0.2%.

European markets are mostly lower, after Markit's composite flash purchasing managers index for the eurozone came in below expectations. At last check, the German DAX is off 0.4% and the French CAC 40 is down 0.3%. London's FTSE 100, however, is maintaining a 0.06% lead, thanks to a rally in miners.

Unusual Put and Call Activity
​

Follow @Schaeffers