Futures Pointed Higher Wednesday; EU Discusses Price Cap on Russian Oil

First Look

Futures are pointed higher Wednesday morning ahead of this short week's batch of economic data. New home sales are projected to drop from an annualized rate of 603,000 to 555,000 in October. Meanwhile, initial unemployment claims are expected to rise from 222,000 to 231,000 claims and durable orders are estimated to rise 0.4% for the second straight month. Lastly, oil prices are down as the EU has discussed imposing a price cap on Russian oil between $65 and $70 a barrel. The Nasdaq is up 0.22%, the S&P is up 0.13%, the Dow Jones is up 0.06%.

Today's Sentiment

Quote of the Day

There is no influence like the influence of habit.
Gilbert Parker

Stocks on the Move

International Markets

Stocks in Asia are up. The Australia ASX All Ordinaries is up 0.7%, the Nikkei 225 is up 0.61%, the Hang Seng is up 0.57% the Shanghai SE Composite Index is up 0.26% and the Mumbai Sensex is up 0.15%. In Europe stocks are mixed. The FTSE 100 is up 0.32%, the Euro Stoxx 50 is up 0.23%, the CAC 40 is up 0.09% and the DAX is down -0.02%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -2.04 at 78.91 per barrel. Brent crude is down -2.42 at 85.94 per barrel. Natural Gas is up 0.44 at 7.22. Precious metals are mixed this morning. Gold is down -3.1 at 1735.78 per ounce. Platinum is down -9.1 at 986.14 while silver is up 0.13 at 21.36. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and down against the Pound. Bitcoin is up 4.24% to $16,525.20 while Ethereum is up 5.98% to $1,165.92.

Put/Call Ratio

Yesterday, 1,301,207 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,751,318 put contracts. The single-session put/call ratio was 1.35.

Today's Economic Calendar

Earnings Expected Today