The DJIA futures are signaling a strong start on optimism about the Fed's meeting minutes
Futures on the
Dow Jones Industrial Average (DJIA) are higher this morning, as traders continue to cheer
minutes from the Fed's September meeting. Also in focus is Alcoa Inc (NYSE:AA), which is pointed lower after the company
unofficially kicked off earnings season last night. Elsewhere, economic activity is somewhat light, but a handful of Fed officials are set to speak. As it stands, the Dow has gained 3.5% this week on the heels of a five-day winning streak -- but
can this momentum last?
Continue reading for more on today's market, including:
And now, on to the numbers…
Futures on the Dow Jones Industrial Average (DJIA) are more than 51 points above fair value.
5 Things You Need to Know Today
- Global markets tracked their U.S. counterparts higher.
- The Chicago Board Options Exchange (CBOE) saw 712,465 call contracts traded on Thursday, compared to 501,224 put contracts. The resultant single-session equity put/call ratio fell to 0.70, while the 21-day moving average remained at 0.77.
- Marking the unofficial start of third-quarter earnings season, AA's quarterly results were less than encouraging. The aluminum giant reported earnings of 7 cents per share (excluding items), missing estimates 13 cents. The shares are now set to take a 1.9% hit at the open, but does that mean the fourth quarter is doomed?
- Wall Street has been burying Tesla Motors Inc (NASDAQ:TSLA) lately, and that trend is poised to continue today. The electric automaker is 3% in the red before the open, after Barclays downgraded the stock to "underweight" from "equal weight," and cut its price target to $180 -- that's a 20.6% discount to Thursday's close at $226.72.
- Chevron Corporation (NYSE:CVX) is reportedly laying off workers on their energy trading desks, as part of the oil giant's broad cost-saving plan. The stock has been strong this week, getting a lift from crude's rebound.
Earnings and Economic Data
Import and export prices, along with wholesale inventories, are on today's agenda. Elsewhere, Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart will likely attract attention when they speak later today. Likewise, New York Fed President William Dudley is slated to make an appearance on CNBC. There are no earnings of note . To see what is coming up on next week's docket, click here.