Dow Jones Industrial Average Futures Dip on GDP Miss

Futures on the Dow Jones Industrial Average (DJIA) are suggesting a negative start, with the advance reading on second-quarter gross domestic product (GDP) showing a smaller-than-forecast rise of 2.3% -- though the first-quarter number was upwardly revised to 0.6%, compared to the previously reported contraction of 0.2%. Traders will also have weekly jobless claims to consider after last week's sudden drop-off, while also deciphering yesterday's Federal Open Market Committee (FOMC) decision. And, of course, it'll be another busy day for earnings. 

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

• We know how earnings played out for Facebook Inc (NASDAQ:FB) and Twitter (NYSE:TWTR) -- now we have one social media giant to go. 
• Why this restaurant chain's same-store sales had analysts predicting new record highs. 
• In case you missed it ... 3 stocks to stalk for August (and 3 to sidestep). 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 18.4 points below fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 895,660 call contracts traded on Wednesday, compared to 559,486 put contracts. The resultant single-session equity put/call ratio stayed at 0.62, while the 21-day moving average moved lower to 0.68.

Currencies and Commodities

• The U.S. dollar index is up 0.4% at 97.32.
• Crude oil has gained 0.5% at $49.03 per barrel. 
• Gold is down 0.7% at $1,085.20 per ounce. 

Earnings and Economic Data

In addition to GDP and jobless claims, traders will also be watching earnings reports from Procter & Gamble (PG), LinkedIn (LNKD), FireEye (FEYE), Alcatel Lucent (ALU), Amgen (AMGN), AstraZeneca (AZN), Avon Products (AVP), Colgate-Palmolive (CL), ConocoPhillips (COP), Crocs (CROX), Delphi Automotive (DLPH), Deckers Outdoor (DECK), Eldorado Gold (EGO), Electronic Arts (EA), Fiat Chrysler (FCAU), Goldcorp (GG), Marathon Petroleum (MPC), Mondelez International (MDLZ), Monster Worldwide (MWW), Outerwall (OUTR), Pitney Bowes (PBI), Sealed Air (SEE), Sony (SNE), Stanley Black & Decker (SWK), Starwood Hotels (HOT), Steven Madden (SHOO), Teva Pharmaceutical Industries (TEVA), T-Mobile US (TMUS), Valero Energy (VLO), Virgin America (VA), VIVUS (VVUS), World Wrestling Entertainment (WWE), Yamana Gold (AUY), and Yandex NV (YNDX). 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 why stocks fell apart in China, read Overseas Trading: Shanghai Slips As Banks Eye Equity Exposure. 

Unusual Put and Call Activity