Dow Jones Industrial Average Futures Higher as Oil Pops

Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as stocks rise alongside oil prices. Crude futures are trading at 10-month highs, with the July-dated contract last seen 1.6% higher at $51.14 per barrel, due to expectations for ebbing U.S. stockpiles and ongoing supply disruptions in Nigeria. The government's weekly crude inventories report, as well as the Job Openings and Labor Turnover Survey (JOLTS), will be released today. The upbeat backdrop has the Dow and S&P 500 Index (SPX) eyeing a third straight win, with the latter set to explore fresh 2016 highs. 

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

• The Treasury signal not seen since 2007 -- and why you shouldn't sell stocks just yet -- from Schaeffer's Senior Quantitative Analyst Rocky White.
• Rumors of an Alphabet Inc (NASDAQ:GOOGL) takeover had this tech stock's options in high demand. 
• Why these analysts raised their Amazon.com, Inc. (NASDAQ:AMZN) price target by $150. 
• Plus... The Chinese data sinking stocks, Lululemon eyes a rally, and the airline stock on the rise. 

Futures on the Dow Jones Industrial Average (DJIA) are 40.7 points above fair value. 

5 Things You Need to Know Today
 

1. Disappointing export data out of China is weighing on stocks. 
2. The Chicago Board Options Exchange (CBOE) saw 687,728 call contracts traded on Tuesday, compared to 417,695 put contracts. The resultant single-session equity put/call ratio moved up to 0.61, while the 21-day moving average edged down for the third straight day, to 0.69. 
3. Yoga apparel maker Lululemon Athletica inc. (NASDAQ:LULU) is moving higher in electronic trading. The company raised its full-year profit and revenue guidance, and posted strong quarterly sales. The stock is eyeing a 3.5% pop when the market opens, which should have put traders kicking rocks. 
4. In March, payments specialist VeriFone Systems Inc (NYSE:PAY) posted better-than-expected quarterly results, sending the shares higher. This fate will not be repeated today, though. In fact, PAY is down a whopping 29% in pre-market trading, after weak quarterly results were followed by a slashed full-year outlook, with the company saying it'll review underperforming units and cut jobs. A round of bearish brokerage notes has thus ensued.
5. After taking a slide in late April, shares of Southwest Airlines Co (NYSE:LUV) have been consolidating in the $41-$43 range. Yesterday, though, the stock tried to break out, posting a 3% gain on news fellow airliners are raising rates. Now, LUV stock is edging higher yet again, after the company announced revenue passenger miles increased a year-over-year 6.4% in May. 

Earnings and Economic Data

FuelCell Energy (FCEL) and Restoration Hardware (RH) will step into the earnings confessional. To see what is coming up on this week's schedule, click here. 

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check