Dow Jones Industrial Average Set to Drop on Greece Hiccup

After two straight days of gains -- prompted by optimism Greece will avoid default -- futures on the Dow Jones Industrial Average (DJIA) are firmly lower this morning. Traders are keeping a cautious eye trained overseas, following reports international creditors have rejected Greece's latest reform plan. Greek Prime Minister Alexis Tsipras is meeting with some high-profile lenders this morning -- European Central Bank (ECB) President Mario Draghi, International Monetary Fund (IMF) head Christine Lagarde, and European Commission President Jean-Claude Juncker -- with a conference of Eurogroup officials scheduled for later today. Back on the homefront, the upwardly revised reading on first-quarter gross domestic product (GDP) will be in focus, following yesterday's rate-hike projections from Fed Governor Jerome Powell.

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

• How has the first half of 2015 stacked up against other third-year presidential cycles? Schaeffer's Senior Quantitative Analyst Rocky White explains why this year is breaking the historical trends. 
• If you want to bet on the future of Greece's economy, here's the exchange-traded fund (ETF) you should be tracking. 
• This social media monster just took out Wal-Mart Stores, Inc. (NYSE:WMT) in one key area -- and it may be poised to go even higher. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 49 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 779,859 call contracts traded on Tuesday, compared to 478,441 put contracts. The resultant single-session equity put/call ratio rose to 0.61, while the 21-day moving average fell to 0.60.

 Currencies and Commodities

• The U.S. dollar index is down 0.4% at $95.10.
• Crude oil is hovering just above breakeven at $61.02 per barrel.
• Gold is up a slight 0.03% at $1,177 per ounce.

Earnings and Economic Data

Final first-quarter GDP figures were released before the open, with the Commerce Department reporting a 0.2% contraction for the January-March period, up from the prior estimate of a 0.7% drop. The weekly crude inventories report will also hit the Street. As for earnings, Monsanto (NYSE: MON) and Lennar (NYSE:LEN) will announce before the bell, while Bed Bath & Beyond (NASDAQ:BBBY) and Worthington (NYSE:WOR) will make investors wait until after the close. To see what else is on this week's agenda, click here. 

Overseas Trading

For a breakdown of today's trading in Asia and Europe, including what sent China's Shanghai Composite soaring, read Overseas Trading: Nikkei's New High; Greece's New Obstacle.

Unusual Put and Call Activity