Oil, Nike Boost Dow Jones Industrial Average Futures

Did the S&P Just Flash a "Perfect Sell Signal"?

Dec 23, 2015 at 9:04 AM
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Dow Jones Industrial Average (DJIA) futures are building on two days of positive momentum, ahead of a busy day on the economic front. Crude oil will remain in focus, with February-dated futures up 1.7% at $36.77 per barrel ahead of today's weekly inventories report. Elsewhere, Dow component Nike Inc (NYSE:NKE) has popped 3% pre-market ahead of its 2-for-1 split -- and could hit new record highs, after the company reported better-than-expected earnings and future orders, prompting no fewer than seven analysts to raise their price targets.

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 118 points above fair value.


5 Things You Need to Know Today

 

  1. A positive lead from Wall Street and an uptick in crude futures boosted stocks in Asia, while miners are powering higher in Europe.
  2. The Chicago Board Options Exchange (CBOE) saw 626,858 call contracts traded on Tuesday, compared to 350,080 put contracts. The resultant single-session equity put/call ratio fell to 0.56, while the 21-day moving average edged down to 0.70. 
  3. Micron Technology, Inc. (NASDAQ:MU) is down 6.6% pre-market, as the company's downbeat current-quarter guidance overshadows a narrow earnings beat. Meanwhile, the bullish brokerage crowd is changing its tune, with Raymond James reducing its rating to "outperform" from "strong buy," and joining no fewer than 10 other analysts in lowering its price target.
  4. A new Reuters/Ipsos poll indicates that 23% of the Americans aware of Chipotle Mexican Grill, Inc.'s (NYSE:CMG) ongoing E. coli woes are eating there less often. Analysts are also growing wary; RBC cut its price target on CMG to $550 from $575 earlier.
  5. According to The Wall Street Journal, Amazon.com, Inc. (NASDAQ:AMZN) is seeking to dial back its relationship with United Parcel Service, Inc. (NYSE:UPS) (subscription required), as the carrier wrestles with surging package volumes and shipping costs.

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Earnings and Economic Data

Today, traders will digest data on personal income and spending, durable goods orders, new home sales, and consumer sentiment, as well as the regularly scheduled crude inventories report. Cal-Maine Foods (CALM) will step up to the earnings plate. To see what else is coming up on this week's agenda, click here​. 

 

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