Dow Jones Industrial Average Futures Point to Big Weekly Win

The Dow Jones Industrial Average (DJIA) looks ready to close a strong week in the black. There's little on the data front to bring down the big-cap barometer, though traders will keep an eye trained on plunging commodity prices. Also in focus will be two more speeches from regional Fed presidents, as expectations for a December rate hike remain high. As it stands now, the Dow is up 2.8% on the week, with futures indicating additional upside to start the session. 

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

• Schaeffer's contributor Adam Warner explains Wednesday's "impossible" VIX settlement.
• 2 biotechs made short sellers sweat, while another played right into option traders' hands. 
• The latest retailer reeling from a dismal earnings report. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 72.3 points above fair value. 

  5 Things You Need to Know Today

 

1. European stocks are mostly higher after comments from European Central Bank (ECB) President Mario Draghi, while stumbling energy names kept Asian gains in check. 
2. The Chicago Board Options Exchange (CBOE) saw 1.1 million call contracts traded on Thursday, compared to 847,678 put contracts. The resultant single-session equity put/call ratio moved up to 0.79, while the 21-day moving average edged down to 0.70. 
3. After last month setting an extraordinary revenue goal, blue chip Nike Inc (NYSE:NKE) has announced a $12 billion stock buyback plan and a two-for-one stock split. NKE was already up close to 30% over the past 12 months as of last night's close at $125.78, and could now threaten its all-time high of $133.52. 
4. Horizon Pharma PLC (NASDAQ:HZNP) is set to open 1.6% higher, on news the company has withdrawn its offer to buy Depomed Inc (NASDAQ:DEPO). The development comes after a judge ruled against HZNP in its pursuit to use confidential DEPO information. This all makes Brean Capital's September note look quite prescient. 
5. Retailer Gap Inc (NYSE:GPS) is positioned 1.4% lower before the bell, after the firm lowered its profit forecast for the year, leading to no fewer than eight price-target cuts from analysts. This comes just a little over a week after GPS reported disappointing same-store sales. 

Earnings and Economic Data

 

The only noteworthy economic events today are speeches from St. Louis Fed President James Bullard and New York Fed President William Dudley. Companies presenting earnings include Abercrombie & Fitch (ANF) and Hibbett Sports (HIBB). To see what's on next week's agenda, click here.