Dow Jones Industrial Average Futures Rise, Oil Bounces Back

How JPMorgan Crushed These Short Sellers

by Josh Selway

Published on Dec 3, 2015 at 8:58 AM

The Dow Jones Industrial Average (DJIA) is looking to shake off Wednesday's triple-digit slide, with futures signaling a higher open. Grabbing bulls' attention are fresh stimulus measures from across the pond, as European Central Bank (ECB) President Mario Draghi announced the central bank's asset-buying program will be extended through March 2017. Back at home, traders are awaiting testimony from Fed Chair Janet Yellen, while digesting a bigger-than-forecast rise in weekly jobless claims ahead of Friday's all important nonfarm payrolls report. Meanwhile, oil futures are bouncing after yesterday's sub-$40 finish, with the December contract up 1.8% at $40.66 per barrel. 

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

And now, on to the numbers…


151203Futures

Futures on the Dow Jones Industrial Average (DJIA) are 23.3 points above fair value.


5 Things You Need to Know Today

 

  1. China outperformed again, as traders in Europe turn their attention to Draghi. 
  2. The Chicago Board Options Exchange (CBOE) saw 658,852 call contracts traded on Wednesday, compared to 442,130 put contracts. The resultant single-session equity put/call ratio moved up to 0.67, while the 21-day moving average stayed at 0.72. 
  3. Thanks to an impressive increase in quarterly revenue, medical device maker Medtronic, Inc. (NYSE:MDT) is set to continue its 2015 outperformance. The shares are up 1% ahead of the open, though this move would still leave MDT below the $78-$79 region, which has been an area of resistance since February. 
  4. Apple Inc. (NASDAQ:AAPL) supplier Avago Technologies Ltd (NASDAQ:AVGO) is poised for yet another positive post-earnings reaction. The company torched fourth-quarter profit estimates, and is looking at a nearly 10% bounce at the open. 
  5. Netflix, Inc. (NASDAQ:NFLX) has been a monster on the charts in 2015, touching a record peak just yesterday, with option bulls betting on even higher highs. And wouldn't you know it, those highs may come sooner than later, as NFLX is up 0.2% in pre-market action. 


151203OV_Buzz

Earnings and Economic Data

Factory orders and the ISM non-manufacturing index are also on tap today, while Cleveland Fed President Loretta Mester and Fed Vice Chair Stanley Fischer have speeches scheduled.

Ambarella (AMBA), Barnes & Noble (BKS), Dollar General (DG), Five Below (FIVE), Kroger (KR), Lands' End (LE), OmniVision (OVTI), Ulta Salon (ULTA), and Zumiez (ZUMZ) will all hit the earnings confessional. To see what else is on this week's agenda, click here


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