Dow Jones Industrial Average Futures, Oil Extend Losses Ahead of Yellen

What a 6-Week Win Streak Means for Stocks

by Alex Eppstein

Published on Nov 12, 2015 at 8:56 AM
Updated on Jun 24, 2020 at 10:16 AM

Dow Jones Industrial Average (DJIA) futures are indicating a lower open, with traders on edge ahead of a raft of speeches from central bank officials -- including Fed Chair Janet Yellen at 9:30 a.m. ET. On the data front, weekly jobless claims held steady at 276,000, defying expectations for a decline -- while commodity traders will look to see if the weekly crude inventories report can boost black gold following yesterday's sharp loss. In early trading, however, December oil has shed another 1.4%, after dovish comments from European Central Bank (ECB) President Mario Draghi pushed the U.S. dollar higher against the euro.

In terms of earnings, retailers remain in focus. Kohl's Corporation (NYSE:KSS) is up 8% pre-market on upbeat results, recovering from yesterday's two-year low, while a well-known auto parts retailer is getting hammered ahead of the bell.

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 roughly 62 points below fair value.

 5 Things You Need to Know Today

 

  1. Hong Kong markets blew up on a round of upbeat tech earnings, while a downbeat forecast from a big aerospace player is weighing on Europe.
  2. The Chicago Board Options Exchange (CBOE) saw 860,814 call contracts traded on Wednesday, compared to 510,799 put contracts. The resultant single-session equity put/call ratio fell to 0.59, while the 21-day moving average slipped to 0.68. 
  3. With Black Friday just around the corner, Wal-Mart Stores, Inc. (NYSE:WMT) announced that almost all of its one-day shopping deals will be available online, for the first time in history. Shares of WMT have ticked fractionally higher in electronic trading.
  4. Advance Auto Parts, Inc. (NYSE:AAP) reported a third-quarter earnings miss and cut its full-year guidance, and also announced the retirement of CEO Darren Jackson, sending the shares down 12% in pre-market trading. Also, Starboard Value LP -- which owns a 3.7% stake in AAP -- has reached a deal with the retailer, allowing it to designate two independent directors to the board.
  5. Just a day after Anheuser Busch Inbev SA (ADR) (NYSE:BUD) agreed to buy SABMiller, employees of the latter are already expressing concerns about job cuts. SABMiller CEO Alan Clark said it's too early to determine which parts of the company may be affected by layoffs, or whether he will stay after the merger is finalized.

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Earnings and Economic Data

 

The pace picks up today, when traders will hear the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), and the Treasury budget. Additionally, a slew of regional Fed presidents have speeches planned, including James Bullard of St. Louis, Richmond's Jeffrey Lacker, Chicago's Charles Evans, and New York's William Dudley.

There are also some notable earnings reports due out, with post-close results from Cisco Systems (CSCO) expected to attract attention. Also slated to report are Applied Materials (AMAT), El Pollo Loco (LOCO), International Game Technology (IGT), Nordstrom (JWN), Planet Fitness (PLNT), and Viacom (VIAB). To see what else is coming up on this week's schedule, click here


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