Blue-Chip Earnings Power Dow Futures
The Fed's two-day meeting will kick off later today
Dow Jones Industrial Average (DJI) futures are once again signaling a solid push above fair value. A healthy round of upbeat blue-chip earnings reports is fueling the surge, with the likes of 3M (MMM) and Pfizer (PFE) scoring top-line profit beats. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also confidently in the black, as investors look forward to the start of the two-day Federal Open Market Committee (FOMC) meeting later today. Elsewhere, oil prices remain under pressure, with June-dated crude futures down 12.8%, at $11.1 per barrel.
Continue reading for more on today's market, including:
Our Senior V.P. of Research, Todd Salamone shows why the VIX spike doesn't match the 2008 crisis.Call traders piled on these two chip stocks. Plus, PepsiCo climbs on earnings beat; Boeing set to resume production; and oil giant dinged by debt levels. 
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.2 million call contracts traded on Monday, and 707,808 put contracts. The single-session equity put/call ratio slipped to 0.58, and the 21-day moving average stayed at 0.67.PepsiCo, Inc (NASDAQ:PEP) stock is up 1.7% ahead of the bell, after the beverage giant reported first-quarter earnings and revenue that topped analyst forecasts. While the company did withdraw its 2020 guidance, it does still hope to buyback $2 billion in shares and offer $5.5 billion in dividends. PEP is set to reclaim its year-to-date breakeven level today.Boeing Co (NYSE:BA) stock is 1.8% higher before the open, after the aerospace icon announced it will resume production of its 787 Dreamliner aircraft at its South Carolina factory. Boeing stock is down 60% in 2020 going into today.The shares of BP plc (ADR) (NYSE:BP) are down 1.8% in electronic trading. Although the oil giant's first-quarter earnings topped estimates, the company's revenue missed the mark, while its debt levels climbed to their highest point in over five years. BP is down 35% year-to-date.Today will feature the Case-Shiller Home Price Index, consumer confidence index, and retail inventories. On the earnings docket for the day are Advanced Micro Devices (AMD), Alphabet (GOOGL), Caterpillar (CAT), Ford Motor (F), Harley-Davidson (HOG), Starbucks (SBUX), and UPS (UPS).
Asian Market Mixed; Earnings Boost European Stocks
Asian markets ended on both sides of breakeven on Tuesday, as investors eyed yet another drop in oil prices. The Japanese Nikkei shed 0.1%, while the Hong Kong Hang Seng added 1.2%, the Shanghai Composite in China was down 0.2%, and the South Korea Kospi tacked on 0.6%.
Over in Europe, markets are surging midday, as several big names throughout the region stepped into the earnings confessional. The French CAC 40 and the German DAX are both up 1.6% at the midway mark, with the latter getting a post-earnings boost from media name Preosienbensat. Meanwhile, the London FTSE 100 is brushing off a huge profit and revenue miss from financial giant HSBC. At last check, the index is up 1.6%.