Dow Jones Industrial Average Futures Slip; Nasdaq Set for New High

Futures on the Dow Jones Industrial Average (DJIA) are lower this morning, as Wall Street looks toward updates on inflation, housing starts, and consumer sentiment -- on the heels of Fed Chair Janet Yellen's remarks Thursday on the central bank's rate-hike timeline -- along with earnings from blue chip General Electric Company (NYSE:GE). However, it appears as if the Nasdaq Composite (COMP) could steal the show -- with the tech-heavy index set to make history once again, thanks to a big earnings win for Google Inc (NASDAQ:GOOGL). Additionally, traders will keep one eye trained overseas, after Germany's parliament chimed in on Greece's bailout proposal.

 

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

 

• Want to use options to bet on intermediate-term directional moves? Here's one way.
• While these 2 Wall Street newcomers were breaking out on their first day of trading, this chip giant popped on its strong earnings report.
• In case you missed it, Schaeffer's Senior VP of Research Todd Salamone explains the ins and outs of the head-and-shoulders pattern.

 And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are more than 26 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 969,909 call contracts traded on Thursday, compared to 688,171 put contracts. The resultant single-session equity put/call ratio jumped to 0.71, while the 21-day moving average remained at 0.68.

Currencies and Commodities

• The U.S. dollar index is down 0.1% at 97.59.
• Crude oil is off 0.3% at $51.08 per barrel.
• Gold is 0.1% lower at $1,143.20 per ounce.

 

 

Earnings and Economic Data

 

The week wraps up with the consumer price index (CPI), core CPI, housing starts, and the Thomson Reuters/University of Michigan consumer sentiment index. While several companies are releasing earnings -- including Honeywell (HON) -- all eyes will be on GE, with shares of the industrial conglomerate up 1.6% ahead of the bell. To see what's on next week's agenda, click here.

 

Overseas Trading

 

For a breakdown of today's trading in Asia and Europe, including Hong Kong's big week, read Overseas Trading: Europe Stocks Mixed as Germany Weighs In on Greece.

 

Unusual Put and Call Activity