Oil, Jobs Data Lift Dow Jones Industrial Average Futures

The S&P's Alarming Volatility Signal

by Josh Selway

Published on Feb 3, 2016 at 9:09 AM

Futures on the Dow Jones Industrial Average (DJIA) are tracking oil futures yet again, this time to the upside. March-dated crude has added 1% to climb back above $30 per barrel, with a report on domestic oil inventories set for release shortly after the open. Also adding to the bullish climate is the latest Automatic Data Processing (ADP) jobs report, which easily topped estimates -- heightening expectations for Friday's closely watched nonfarm payrolls report. 

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

 

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Futures on the Dow Jones Industrial Average (DJIA) are 57.5 points above fair value. 

5 Things You Need to Know Today

 

  1. Ugly earnings and a stronger yen sent Japan's Nikkei reeling, and European benchmarks are also in the red.  
  2. The Chicago Board Options Exchange (CBOE) saw 630,169 call contracts traded on Tuesday, compared to 477,820 put contracts. The resultant single-session equity put/call ratio shot up to 0.76, while the 21-day moving average edged up to 0.75. 
  3. Restaurant chain Chipotle Mexican Grill, Inc (NYSE:CMG) apparently replaced one investigation with another. During its earnings release last night, the company said a federal food-safety probe in California has expanded into a nationwide investigation. Additionally, CMG's quarterly sales fell for the first time as a public company, and the stock is now off close to 6% in pre-market trade. 
  4. Internet stock Yahoo! Inc. (NASDAQ:YHOO) has added to its recent cost-cutting talk by announcing it would consider "strategic alternatives" for its core Internet business. The company also confirmed plans to reduce its workforce by 15%, while closing various business units. The shares were off by 1.6% ahead of the open. 
  5. On the other hand, Gilead Sciences, Inc. (NASDAQ:GILD) is on the rise in electronic trading, after the company topped the Street's quarterly profit and revenue forecasts. At last check, the stock was looking at a 1.6% pop at the open, which would certainly please recent options speculators

 

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Earnings and Economic Data

The ISM non-manufacturing index is also due out today. On the earnings front, Merck (MRK), ADP, Allstate (ALL), Buffalo Wild Wings (BWLD), CBOE Holdings (CBOE), Comcast (CMCSA), General Motors (GM), Glu Mobile (GLUU), GoPro (GPRO), International Paper (IP), Marathon Petroleum (MPC), Metlife (MET)Microchip Technology (MCHP), Mondelez International (MDLZ), Shutterfly (SFLY), Take-Two Interactive Software (TTWO), and Yum! Brands (YUM) are all scheduled to report. Visa (V), meanwhile, will host its annual shareholders meeting. To see what else is on this week's agenda, click here.


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