U.S. stock futures are trending higher heading into the open this morning. Wall Street has gotten over the initial shock from after Federal Reserve Chairman Jerome Powell’s hawkish interest rate comments yesterday. However, the major market indices are still on course for monthly losses.
In fact, the S&P 500 and Dow Jones Industrial Average are both looking at a loss of about 2.8% in February, their first monthly loss since March last year. The Nasdaq Composite is headed for a decline of about 1.1% on the month.
As for futures, Dow futures were last seen up 0.24%, S&P 500 futures were higher by 0.2% and Nasdaq-100 futures had added 0.38%.
Turning to the options pits, volume continued to creep higher on Tuesday. Overall, about 19.1 million calls and 17.1 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio bounced to 0.63. The 10-day moving average held at 0.62 after declining for six straight days.
Taking a closer look at yesterday’s options activity, Bank of America Corp (NYSE:BAC) call options were popular despite an FDIC that bank income fell in the final quarter of 2017. Elsewhere, Intel Corporation (NASDAQ:INTC) calls surged after Citibank bumped the company to its No. 1 semiconductor pick. Finally, Macy’s Inc (NYSE:M) bulls jumped on the company’s impressive quarterly earnings report.