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Crude oil and Alibaba Group Holding Ltd (NYSE:BABA) are in focus
The Dow Jones Industrial Average (INDEXDJX:DJI) is set to follow black gold into the red, with crude futures slumping in the wake of a price shift from Saudi Arabia. In addition, the European Commission cut its economic outlook for the eurozone, which is also weighing on global sentiment. On the home front, speculators are awaiting the latest data on factory orders and the trade balance, with one eye trained on the midterm election polls.
And now, on to the numbers...
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are 27 points below fair value.
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 1.16 million call contracts traded on Monday, compared to 702,597 put contracts. The resultant single-session equity put/call ratio jumped to 0.61, while the 21-day moving average remained at 0.68.
Currencies and Commodities
- The U.S. dollar index is down 0.2% at 87.17.
- Crude oil is extending its journey into two-year-low territory, down 3.2% at $76.29 per barrel.
- Gold is down 0.1% at $1,168.80 an ounce.
Earnings and Economic Data
Today, the international trade balance will be released, along with factory orders. Stepping up to the earnings plate are BABA, Activision Blizzard (ATVI), AK Steel (AKS), Becton, Dickinson and Co. (BDX), Burger King (BKW), CVS Health (CVS), FireEye (FEYE), Michael Kors (KORS), Priceline (PCLN), TripAdvisor (TRIP), Twenty-First Century Fox (FOXA), Valero Energy (VLO), and Zulily (ZU).
Overseas Trading
After a long weekend -- and with help from a cooling yen -- Japan's Nikkei surged 2.7% to notch a new seven-year peak, and briefly topped the 17,000 level in intraday action. China's Shanghai Composite eked out a fractional gain, while Hong Kong's Hang Seng surrendered 0.3%. South Korea's Kospi extended Monday's slide, shedding 0.9%.
European benchmarks are mostly lower at midday, as traders digest the European Commission's downwardly revised economic forecast for the eurozone. In addition, news that Saudi Arabia boosted oil prices to Europe is weighing on black gold and oil-related stocks. At last check, London's FTSE 100 was down 0.1%, and France's CAC 40 was 0.2% lower. Germany's DAX was bucking the trend, up 0.2%.
Unusual Put and Call Activity:
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