Dow Jones Industrial Average Futures Edge Higher as Oil Crashes

The Stock That's 'Not Done Going Higher'

Jun 30, 2016 at 9:19 AM

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Dow Jones Industrial Average (DJIA) futures are slightly above fair value, suggesting a modest start to the session after two days of strong gains. Stocks are keeping a close eye on oil prices, which pulled back overnight after Goldman Sachs noted that a ceasefire in Nigeria may have crude production ramping up again in the near future -- which could keep oil below the critical $50 mark. August-dated crude futures were last spotted down 2.3% at $48.74 per barrel. Also in the spotlight this morning are weekly jobless claims, which rose to a slightly more-than-expected 268,000.

Continue reading for more on today's market, including: 

2 pharma stocks soaring on upbeat drug news.
Micron Technology, Inc. (NASDAQ:MU) options traders eye a big earnings reaction.
This "backbone behind Uber and WhatsApp" isn't "done going higher," according to Jim Cramer.
Plus... Europe's post-"Brexit" rally cools, Starz makes a deal, and Lyft inks a partnership.

Dow Futures June 30

Futures on the Dow Jones Industrial Average (DJIA) are 33 points above fair value.

5 Things You Need to Know Today

Stocks in Asia ended mostly higher, while uncertainty is weighing on Europe, after a top contender took himself out of the running for the next U.K. prime minister.
The Chicago Board Options Exchange (CBOE) saw 773,078 call contracts traded on Wednesday, compared to 445,745 put contracts. The resultant single-session equity put/call ratio edged lower to 0.58, while the 21-day moving average stayed put at 0.69.
Entertainment concern Starz (NASDAQ:STRZA) is pointed 13% higher pre-market, on news that it will be bought by Lions Gate Entertainment Corp. (USA) (NYSE:LGF) in a $4.4 billion cash and stock deal.
Seagate Technology PLC (NASDAQ:STX) is off 1.5% in electronic trading, after the company announced it will cut 1,600 jobs in an effort to save roughly $100 million per year. Additionally, the stock was hit with a price-target cut at Craig-Hallum.
Car rental specialist Hertz Global Holdings Inc (NYSE:HTZ) is set to add 6.3% at the bell on news that the company has entered an agreement to provide vehicles to Lyft drivers.

Buzz stocks for June 30

Earnings and Economic Data

The Chicago purchasing managers index (PMI) is due later this morning, and St. Louis Fed President James Bullard will speak in London this afternoon. ConAgra (CAG), Constellation Brands (STZ), Darden Restaurants (DRI), McCormick & Company (MKC), MU, Schnitzer Steel (SCHN), Paychex (PAYX), and Progress Software (PRGS) will all take their turns in the earnings confessional. To see what else is coming up on this week's schedule, click here.

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