Dow Jones Industrial Average Futures Gain on Light Data Day

The Dow Jones Industrial Average (DJIA) is set to build on yesterday afternoon's bullish momentum, with futures indicating a positive start to the session. Trading is expected to be light today, as U.S. bond markets are closed for Veterans Day. With the economic calendar blank, traders are turning to the latest earnings reports to hit the Street -- including poorly received results from Macy's, Inc. (NYSE:M), which have the shares 5% lower pre-market, and on pace for a new two-year low -- as well as a blowout Singles' Day for Alibaba Group Holding Ltd (NYSE:BABA).

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

• What can we expect from the S&P 500 Index (SPX) as it approaches all-time highs? Schaeffer's Senior Quantitative Analyst Rocky White takes a look.
• This drugmaker fought back after getting leveled by Citron Research to start the week.
• As details surrounding McDonald's Corporation's (NYSE:MCD) turnaround plan hit the Street, the shares broke out to a record high.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are nearly 76 points above fair value.

 5 Things You Need to Know Today

 

1. Chinese markets turned higher on upbeat retail sales data, while traders in Europe await a speech from European Central Bank (ECB) President Mario Draghi.
2. The Chicago Board Options Exchange (CBOE) saw 926,296 call contracts traded on Tuesday, compared to 744,623 put contracts. The resultant single-session equity put/call ratio rose to 0.80, while the 21-day moving average held at 0.69. 
3. Anheuser Busch Inbev SA (ADR) (NYSE:BUD) has officially agreed to purchase SABMiller for just under $106 billion, combining the two largest beer brewers in the world.
4. After moving its Singles' Day event to a higher-profile city, BABA said sales have already outstripped the prior year's $9.3 billion total, and may be on pace to reach as high as $13.8 billion -- a roughly 50% year-over-year increase, as well as the company's best performance on record. BABA is pointed 1.4% higher pre-market.
5. Ahead of Friday morning's earnings report, J C Penney Company Inc (NYSE:JCP) announced it has reached a $50 million settlement in a California class action lawsuit for alleged false advertising. In a statement, CEO Marvin Ellison also announced a 6.4% rise in third-quarter same-store sales, and said earnings for the period "exceeded expectations" -- sending the shares 7% higher ahead of the open.

Earnings and Economic Data

 

Banks will be closed today for Veterans Day, and there are no major data points set for release. Earnings are relatively light, with a docket that includes Digital Ally (DGLY), Freshpet (FRPT), NetEase (NTES), and Popeye's (PLKI). To see what else is coming up on this week's schedule, click here.