DJIA futures are pointed higher on the heels of an upbeat GDP reading
The
Dow Jones Industrial Average (DJIA) is indicating another day in the black, with futures pointed modestly higher ahead of the bell. Traders are digesting the final third-quarter gross domestic product (GDP), which was downwardly revised from the prior reading -- but by less than expected, to 2%. Later this morning, Wall Street will turn its attention to the most recent existing home sales data. Elsewhere, crude futures are edging higher after touching a six-year low yesterday.
Continue reading for more on today's market, including:
And now, on to the numbers…
Futures on the Dow Jones Industrial Average (DJIA) are more than 33 points above fair value.
5 Things You Need to Know Today
- While most Asian markets edged higher, Tokyo-listed stocks fell -- with one tech heavyweight plunging on weak guidance.
- The Chicago Board Options Exchange (CBOE) saw 654,244 call contracts traded on Monday, compared to 418,672 put contracts. The resultant single-session equity put/call ratio fell to 0.64, while the 21-day moving average edged down to 0.71.
- ConAgra Foods Inc (NYSE:CAG) is 0.7% higher pre-market, after the Chef Boyardee parent -- which last month unloaded its private label business -- reported adjusted earnings above expectations.
- According to an Automotive News report, Ford Motor Company (NYSE:F) is in talks with Alphabet Inc (NASDAQ:GOOGL) to help manufacture the Internet giant's self-driving vehicles. The timing is appropriate, given that the automaker was just given the green light to test autonomous cars in the state of California. In electronic trading, F is up 1.2%, while GOOGL is fractionally lower.
- Data storage expert NetApp Inc. (NASDAQ:NTAP) has agreed to buy flash start-up SolidFire for $870 million in cash. However, Wall Street is panning the move, with NTAP getting slammed by an RBC downgrade to "sector perform," along with four price-target cuts. NTAP shares are down 8.3% ahead of the bell.
Earnings and Economic Data
Existing home sales for November will hit the Street today. Nike Inc (NKE), Micron Technology (MU), and Paychex (PAYX) will report earnings. To see what else is coming up on this week's agenda, click here.