Dow Jones Industrial Average Futures Reel on GDP, Russian Jet Crash

2 S&P Trendlines Between Us and a Sell-Off

by Alex Eppstein

Published on Nov 24, 2015 at 9:01 AM

The Dow Jones Industrial Average (DJIA) is gearing up for another rough day, with futures pointed sharply lower on the latest gross domestic product (GDP) reading. Specifically, the U.S. economy grew at an upwardly revised 2.1% rate during the third quarter, as expected, sparking rate-hike jitters. Adding to the early morning skittishness are reports that a Russian warplane has been shot down along the Turkey-Syria border. Meanwhile, traders are gearing up for the latest reports on home prices and consumer confidence, and weighing earnings from a handful of notable names.

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 nearly 117 points below fair value.


5 Things You Need to Know Today

 

  1. European markets have been shaken up by the downing of a Russian jet, effectively overshadowing an upbeat report on Germany's business climate.
  2. The Chicago Board Options Exchange (CBOE) saw 705,529 call contracts traded on Monday, compared to 425,957 put contracts. The resultant single-session equity put/call ratio fell to 0.60, while the 21-day moving average remained at 0.70. 
  3. Yesterday's news that Pfizer Inc. (NYSE:PFE) plans to acquire Allergan PLC (NYSE:AGN) in an "inversion" deal that will move PFE's tax base out of the U.S. to Ireland has elicited the ire of presidential candidates on both the right and left. Democratic front-runner Hillary Clinton said she's "sick and tired" of large corporations relocating overseas, while Republican Donald Trump promised, "We're not going to let Pfizer leave."
  4. As noted, cybersecurity firm PANW is poised to pop once more after reporting earnings. Specifically, the stock is up nearly 3% ahead of the open, thanks to the company's better-than-expected quarterly profit and revenue, upbeat current-quarter outlook, and subsequent round of price-target hikes from no fewer than 10 analysts.
  5. According to an SEC filing, activist investor Carl Icahn has taken a 7.1% stake in Xerox Corp (NYSE:XRX). Icahn, who also recently set his sights on a digital payments processor, called the shares "undervalued," lifting them 1.8% in pre-market trading.


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Earnings and Economic Data

 

The S&P/Case-Shiller home price index and the Conference Board's consumer confidence index will be released today. As for earnings, Analog Devices (ADI), Chico's FAS (CHS), Cracker Barrel (CBRL), Dollar Tree (DLTR), DSW (DSW), Guess? (GES), Hewlett-Packard (HPQ), Seadrill (SDRL), and TiVo (TIVO) will enter the confessional. To see what else is on this week's agenda, click here


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