Dow Jones Industrial Average Futures Rally As Oil Recovers

Is This Bounce Just the Beginning?

by Josh Selway

Published on Jan 13, 2016 at 9:07 AM
Updated on Jan 13, 2016 at 9:08 AM

The Dow Jones Industrial Average (DJIA)​ is looking for its third straight win, with futures on the blue-chip index pointing toward a strong start. Wall Street is watching recovering oil futures, especially with a report on domestic crude inventories due for release early this morning. Traders are also digesting comments from Boston Fed President Eric Rosengren, who said the Fed may have to slow its expected path of rate hikes amid a possible economic slowdown. The Street will also eye the Fed's Beige Book and the U.S. Treasury budget later today. Elsewhere, stocks in Europe are shrugging off a drop in the Shanghai Composite, which breached 3,000 for the first time since August. 


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


160113Futures

Futures on the Dow Jones Industrial Average (DJIA) are almost 70 points above fair value. 

5 Things You Need to Know Today

 

  1. Rising oil futures are also lifting global markets, though China traded off yet again.  
  2. The Chicago Board Options Exchange (CBOE) saw 726,015 call contracts traded on Tuesday, compared to 625,189 put contracts. The resultant single-session equity put/call ratio dropped to 0.86, while the 21-day moving average remained at 0.73. 
  3. Tech concern QUALCOMM, Inc. (NASDAQ:QCOM) is up over 1% ahead of the open, thanks to a new joint venture with Japan-based TDK Corp. The new partnership is valued at roughly $3 billion, and serves as promising news for a stock that had a dismal 2015
  4. General Motors Company (NYSE:GM) is thriving in electronic trading, adding 3%, after the automaker bumped its full-year forecast, while raising its dividend and share buyback program. It's been a strong week for GM, which got upgraded at Credit Suisse on Monday
  5. Just two days after agreeing to a $1.5 billion contract with Alcoa Inc (NYSE:AA)General Electric Company (NYSE:GE) has announced its plans to cut around 6,500 jobs in Europe over the next two years. Ahead of the bell, the shares have edged 0.3% higher. 


160113OV_Buzz


Earnings and Economic Data

Chicago Fed President Charles Evans is slated to speak. Supervalu (SVU) will step up to the earnings plate. To see what's up next on this week's agenda, click here.


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