Another big day for China, and supposed progress out of Greece, has the DJIA ready for another strong start
New optimism out of China and Greece has futures on the Dow Jones Industrial Average (DJIA) soaring higher once again. For starters, Chinese equities saw notable gains for the second straight day. Even more promising are the developments from Europe, where Greece last night submitted its new financial proposal to its creditors. European leaders are expected to make a decision on the proposal by Sunday at the latest. Back home, with the DJIA poised for a third straight weekly loss, the economic docket features wholesale inventories, as well as speech from Fed Chair Janet Yellen.
Continue reading for more on today's market, including:
And now, on to the numbers…
Futures on the Dow Jones Industrial Average (DJIA) are 171.4 points above fair value.
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 806,406 call contracts traded on Thursday, compared to 556,342 put contracts. The resultant single-session equity put/call ratio fell to 0.69, while the 21-day moving average edged up to 0.68.
Currencies and Commodities
- The U.S. dollar index is off 1% at 95.64.
- Crude oil has gained 0.5% to hit $53.48 per barrel.
- Gold is up 0.2% at $1,162 per ounce.
Earnings and Economic Data
Wholesale inventories are the sole economic report due out today, but the week's roster of Fed speeches ends with a bang. In addition to planned remarks from Boston Fed President Eric Rosengren, Fed Chair Janet Yellen is scheduled to take the mic in Cleveland. There are no major earnings reports on the docket. To see what's on next week's economic docket, click here.
Overseas Trading
For a breakdown of today's trading in Asia and Europe, including how China staged its biggest two-day rally since 2008, read Overseas Trading: Greece Meets Its Deadline, While China Surges Again.
Unusual Put and Call Activity
