Dow Jones Industrial Average Futures Surge; Alcoa Earnings in Focus

What Alcoa's Move Today Means for the S&P; Plus, 3 China ETFs to Watch

by Josh Selway

Published on Jul 9, 2015 at 8:47 AM
Updated on Jun 24, 2020 at 10:16 AM

Like yesterday, Dow Jones Industrial Average (DJIA) futures are tracking global markets. This time, however, it's to the upside, with the blue-chip barometer prepared for a triple-digit leap after stocks in China notched a significant turnaround. And, as always, traders are watching Greece. The country is expected to submit a plan for financial reforms to European leaders by the end of the day.

Aside from today's report on jobless claims, the economic docket the next two days is dominated by speeches from Federal Reserve leaders -- including Fed Chair Janet Yellen, who will speak in Cleveland tomorrow. Meanwhile, earnings bellwether Alcoa Inc (NYSE:AA) has been bouncing between positive and negative territory in electronic trading following its mixed second-quarter results, with the aluminum giant falling short on profits, but topping revenue estimates.

 

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

 

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are 168.6 points above fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 647,140 call contracts traded on Wednesday, compared to 560,924 put contracts. The resultant single-session equity put/call ratio jumped to 0.87 -- its second-highest mark of 2015 -- while the 21-day moving average moved up to 0.67.

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 Currencies and Commodities

  • The U.S. dollar index has edged higher, adding 0.1% to 96.38.
  • Crude oil is up 3% at $53.18 per barrel. 
  • Gold is off 0.1% at $1,161.90 per ounce. 

 

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Earnings and Economic Data

 

Weekly jobless claims will be released today, as usual. Otherwise, Fed officials dominate the day's schedule, with speeches due out from Minneapolis Fed President Narayana Kocherlakota, Kansas City Fed President Esther George, and Fed Governor Lael Brainard.

Additionally, a handful of notable names are expected to report earnings -- including PepsiCo (PEP), Walgreens Boots Alliance (WBA), PriceSmart (PSMT), and Barracuda Networks (CUDA). 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 how Chinese stocks were able to turn things around, read Overseas Trading: Shanghai Composite Rallies as Regulators Crack Down on Selling

 

 

Unusual Put and Call Activity

 

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