The DJIA looks ready to move higher, and is on track for a solid weekly win
The Dow Jones Industrial Average (DJIA) is pointed higher ahead of the open, looking for its fourth straight day of gains. Moreover, the blue-chip barometer is well on pace for a weekly win. All focus will be on Greece today -- especially with the economic calendar relatively bare, save speeches from San Francisco Fed President John Williams and Cleveland Fed President Loretta Mester. The cash-strapped country still has until June 30 to pay back roughly $1.7 billion to the International Monetary Fund (IMF), but lacks the capital to meet its obligations. Greek banks have experienced heavy withdrawals amid the ongoing negotiations, raising uncertainty over whether banks will open for business on Monday -- when Eurogroup leaders are set to assemble in Brussels in a last-ditch effort to strike an aid-for-reform deal.
Continue reading for more on today's market, including:
And now, on to the numbers…
Futures on the Dow Jones Industrial Average (DJIA) are 32.2 points above fair value.
Sign up now to get Schaeffer's Midday Market Check delivered straight to your inbox!
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 876,345 call contracts traded on Thursday, compared to 557,008 put contracts. The resultant single-session equity put/call ratio jumped up to 0.64, while the 21-day moving average moved up to 0.62.
Currencies and Commodities
- The U.S. dollar index is up 0.4% at 94.46.
- Crude oil is off 1.5% at $59.89.
- Gold is off slightly, down 0.01% at $1,201.90.
Earnings and Economic Data
Quadruple-witching Friday is relatively quiet on the economic front, while San Francisco Fed President John Williams and Cleveland Fed President Loretta Mester will speak. Earnings for the week will round out with CarMax (NYSE:KMX) and KB Home (NYSE:KBH) announcing their quarterly results before the bell. To take a look at next week's economic and earnings calendar, click here.
Overseas Trading
Most of Asia followed U.S. stocks higher today, but China saw a huge sell-off. Specifically, the Shanghai Composite dropped 6.4% as an influx of initial public offerings hit the market, amid regulatory tightening on margin lending. Elsewhere, Hong Kong's Hang Seng and South Korea's Kospi each added 0.3%. Japan's Nikkei rose 0.9%, after the Bank of Japan decided to maintain its stimulus package.
Ahead of Monday's emergency meeting on Greece, European bourses are higher across the board. France's CAC 40 is leading the way with a 1% gain, while Germany's DAX is up 0.6%. London's FTSE 100, meanwhile, is up 0.4%.
Unusual Put and Call Activity