Dow Jones Industrial Average Futures Fall as Greece Talks Fail

Inside One Stock's 12% Jump; Plus, Lumber Liquidators Buyout Rumors

by Josh Selway

Published on Jun 15, 2015 at 8:42 AM

The Dow Jones Industrial Average (DJIA) is set to drop sharply out of the gate, as U.S. stocks track equities across the globe lower. Traders are responding to the weekend collapse of negotiations between Greece and its creditors, raising the stakes ahead of Thursday's Eurogroup summit. Domestically, there are several economic reports set for release, including the Empire State manufacturing index and the NAHB housing market index. In equity news, CVS Health Corp (NYSE:CVS) has agreed to buy Target Corporation's (NYSE:TGT) pharmacies in a nearly $2 billion deal. 

 

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

 

 And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are almost 89 points below fair value. 

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 705,718 call contracts traded on Friday, compared to 475,420 put contracts. The resultant single-session equity put/call ratio jumped to 0.67, while the 21-day moving average remained at 0.61.

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Currencies and Commodities

  • The U.S. dollar index is up 0.3% at 95.30. 
  • Crude oil is down 1.3% at $59.62 per barrel. 
  • Gold has edged 0.1% higher to $1,180.50 per ounce. 

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Earnings and Economic Data

 

The news begins bright and early this morning with the release of the Empire State manufacturing survey, followed by industrial production and capacity utilization figures. The NAHB housing market index will also be released. There are no earnings of note. To see what else is on this week's agenda, click here.

 

Overseas Trading

Diminishing hopes of a deal for Greece's debt situation weighed on Asian bourses. Stocks in China were hit especially hard, as regulators introduced laws that limit margin trading and short selling. China's Shanghai Composite fell 2%, with Hong Kong's Hang Seng giving back 1.5%. In South Korea, the Kospi dropped 0.5% to over two-month lows, while Japan's Nikkei made a push for breakeven thanks to a cooling yen, but finished roughly 0.1% lower. 

As one would expect, Greece's situation had an even more damaging impact on European equities, as the news resulted in a huge sell-off in banking names and a sharp rise in Greek bond yields. At last check, Germany's DAX was off 1.4%, France's CAC 40 had given back 1.1%, and London's FTSE 100 was down 0.8%. 

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Unusual Put and Call Activity

 

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