Dow Jones Industrial Average Futures Cautiously Higher as Traders Eye CPI

Futures on the Dow Jones Industrial Average (DJIA) are again cautiously higher, with the Federal Open Market Committee (FOMC) set to begin its two-day policy-deciding meeting later today. There's some economic data to take in ahead of the event, as the consumer price index (CPI) unexpectedly ticked lower in August, marking the first drop since January. Looking at equities, M&A news abounds this morning, led by reports that beer giant Anheuser Busch Inbev SA (ADR) (NYSE:BUD) has approached SABMiller about a possible takeover. 

 

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

 

• 15 stocks to watch -- and 15 more to avoid -- as portfolio managers start 'window dressing,' courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. 
• Why Tesla Motors Inc (NASDAQ:TSLA) was a wet blanket among automakers. 
• Are we in a 'stock picker's market'? Schaeffer's contributor Adam Warner weighs in.
• Plus … 5 things you need to know this morning -- including stocks making waves and what's happening overseas.

And now, on to the numbers…

 

Futures on the Dow Jones Industrial Average (DJIA) are 29.2 points above fair value. 

 

5 Things You Need to Know Today

 

1. Chinese stocks enjoyed their best session in weeks. 
2. The Chicago Board Options Exchange (CBOE) saw 787,708 call contracts traded on Wednesday, compared to 681,650 put contracts. The resultant single-session equity put/call ratio dropped to 0.87, while the 21-day moving average edged up to 0.78.
3. Less than a month after delivering mixed quarterly earnings, Hewlett-Packard Company (NYSE:HPQ) is letting up to 30,000 workers walk. The layoffs are part of a restructuring plan that's meant to save the company nearly $3 billion per year. The shares were slightly higher in electronic trading. 
4. Wall Street is always thirsty for satisfying M&A news, and BUD may be the next to deliver. The beer maker said it has spoken with sector peer SABMiller about a possible merger, which would create by far the world's biggest beer brewer. The question is: Will we find their drinks at Taco Bell and Starbucks? 
5. Also in M&A news, entertainment name AMC Networks Inc (NASDAQ:AMCX) is in early negotiations to buy Starz (NASDAQ:STRZA), according to Bloomberg. The buzz has the latter stock 7% higher ahead of the open. This comes just a day after two other television players cut a $443 million deal. 

 

 

 

Earnings and Economic Data

 

The NAHB housing market index and weekly crude inventories report will be released today. Plus, FedEx (FDX), Cracker Barrel (CBRL), Analogic (ALOG), and Oracle (ORCL) will step into the earnings spotlight. To see what else is coming up on this week's docket, click here.