Dow Jones Industrial Average Futures Sink as Rate-Hike Chatter Ramps Up

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Sep 28, 2015 at 9:00 AM
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The Dow Jones Industrial Average (DJIA) looks set to resume its losing ways, with futures down nearly triple digits this morning -- pressured by more evidence of a slowing Chinese economy. Following last week's speech by Fed Chair Janet Yellen -- in which she left the door open for a 2015 rate hike -- traders are gearing up to hear from a long lineup of central bank officials, with New York Fed President William Dudley saying this morning he expects a rate hike by year-end. Meanwhile, the latest personal income and spending numbers just hit the Street -- and were roughly in-line with estimates -- while pending home sales and the Dallas Fed's manufacturing survey are on deck.

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


And now, on to the numbers…


Futures on the Dow Jones Industrial Average (DJIA) are nearly 100 points below fair value.

5 Things You Need to Know Today


  1. European markets are getting drilled as traders digest the latest batch of weak data out of China, as well as a new probe into several European banks.
  2. The Chicago Board Options Exchange (CBOE) saw 661,635 call contracts traded on Friday, compared to 492,306 put contracts. The resultant single-session equity put/call ratio dropped to 0.74, while the 21-day moving average held steady at 0.76. 
  3. Just two weeks after inking a deal with Ford Motor Company (NYSE:F), Alcoa Inc (NYSE:AA) announced it will split into two publicly traded companies, focused on metal production and high-technology products, respectively.
  4. Comcast Corporation (NASDAQ:CMCSA), which is planning to venture into the enterprise services business, is expanding its overseas operations, agreeing to buy a 51% stake in Universal Studios Japan for $1.5 billion.
  5. Martin Winterkorn, who recently resigned as Volkswagen's CEO amid an emissions scandal, is now the subject of a fraud investigation by German authorities. Winterkorn has previously denied having any knowledge of the cover-up.


Earnings and Economic Data


Later today, pending home sales and the Dallas Fed's manufacturing index will hit the Street. The afternoon is highlighted by two speeches from central bank officials, the first from Chicago Fed President Charles Evans in Milwaukee. Later, in Los Angeles, San Francisco Fed President John Williams will address the UCLA Anderson Forecast conference. Cal-Maine Foods (CALM), Vail Resorts (MTN), and Synnex (SNX) will all report earnings. To see what else is on this week's docket, click here.


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