Dow Jones Industrial Average Spins Its Wheels; GDP, Intel in Focus

The Dow Jones Industrial Average (DJIA) is struggling to pick up steam ahead of the bell, with futures barely higher -- putting the blue-chip index on pace for a second consecutive weekly loss. While Greece's chronic economic woes continue to dominate headlines overseas -- ahead of next Friday's scheduled International Monetary Fund (IMF) debt payment -- the big focus Stateside is the preliminary first-quarter gross domestic product (GDP) reading, due out this morning. In other news, Dow component Intel Corporation (NASDAQ:INTC) is reportedly nearing a $15 billion agreement to buy Altera Corporation (NASDAQ:ALTR), on the heels of Thursday's mega-merger in the semiconductor space.

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

• While option bulls gambled on a record high for eBay Inc (NASDAQ:EBAY), another tech name notched its own 13-year peak.
• How this CEO's comments leveled his company's shares.
• Costco Wholesale Corporation (NASDAQ:COST) calls were hot following earnings, while another retailer saw bullish betting ahead of its report.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are less than 5 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 685,900 call contracts traded on Thursday, compared to 484,098 put contracts. The resultant single-session equity put/call ratio jumped to 0.71, while the 21-day moving average remained at 0.64.

Currencies and Commodities

• The U.S. dollar index is flat at 96.97.
• Crude oil has soared 1.2% to trade at $58.38 per barrel, building on yesterday's momentum.
• Gold has edged 0.01% lower at $1,188.70 per ounce.

Earnings and Economic Data

The week closes out with the preliminary first-quarter GDP, the Chicago purchasing managers index (PMI), and the Thomson Reuters/University of Michigan consumer sentiment index. The earnings calendar is relatively bare. To see what's on next week's docket, click here.

Overseas Trading

Asian bourses ended the week on a mixed note. The Shanghai Composite finished a choppy session 0.2% lower, while Hong Kong's Hang Seng also slipped, down 0.1%. On the other side of the fence, Japan's Nikkei edged 0.06% higher to settle at a 15-year high, as slightly upbeat consumer outlays data overshadowed disappointing household spending figures. Likewise, South Korea's Kospi managed a 0.2% win.

European benchmarks are largely struggling today, as the Group of Seven continues to discuss Greece's dire financial situation, and traders digest a raft of economic growth data. London's FTSE 100 is currently up 0.2%, but the German DAX and French CAC 40 are down 0.6% and 0.8%, respectively.

Unusual Put and Call Activity