Dow Jones Industrial Average Set to Plunge as China Panic Spreads

Futures on the Dow Jones Industrial Average (DJIA) are pointed starkly lower this morning, as overseas tumult looks ready to weigh on domestic equities. Primarily, Chinese markets got walloped today, with many concerned the sell-off will only get worse. Elsewhere, Greece has until the end of the week to submit a formal financial reform proposal to its creditors. European leaders will make a decision on the submission on Sunday. 

On the domestic front, the minutes from the Federal Open Market Committee's (FOMC) latest meeting are set for release this afternoon. Traders are also anxious to see the latest crude inventory report, which -- along with other commodities -- has had a rough week.  

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

• The S&P 500 Index's (SPX) new record, and what it could mean for the rest of 2015, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.
• M&A buzz sent these 2 typically underperforming casino stocks flying. 
• This alternative energy equity gained over 4% on Tuesday -- but that wasn't even close to this sector peer's surge. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 141.9 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 877,764 call contracts traded on Tuesday, compared to 683,815 put contracts. The resultant single-session equity put/call ratio rose to 0.78, while the 21-day moving average remained at 0.65.

Currencies and Commodities

• The U.S. dollar index is off 0.3% at 96.62. 
• Crude oil has added 0.4% to trade at $52.55 per barrel. 
• Gold is up 0.3% at $1,155.90 per ounce. 

Earnings and Economic Data

The minutes from the FOMC's June meeting will be released this afternoon, and traders will also hear the latest on crude inventories. San Francisco Fed President John Williams is the first in a long line of central bankers to hit the podium this week, with an afternoon speech in Los Angeles on the docket.

Meanwhile, Alcoa's (AA) post-close report marks the unofficial start of second-quarter earnings season. WD-40 (WDFC) is also set to announce its latest profit and revenue figures. 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 the latest on Greece and the sell-off in China, read China's Free Fall Drags Asian Markets Lower. 

Unusual Put and Call Activity