IEA Forecast Smacks Dow Jones Industrial Average, Crude Futures

Why We're Vulnerable to Even More Volatility

by Karee Venema

Published on Feb 9, 2016 at 9:07 AM

Futures on the Dow Jones Industrial Average (DJIA) are signaling a sharp drop at the open. Stoking the risk-off backdrop is another decline in oil prices, after the International Energy Agency (IEA) projected global oil demand growth will "ease back considerably" this year. At last check, March-dated crude futures were off 0.9% at $29.43 per barrel.
 
Continue reading for more on today's market, including:


160209OVchart1

Futures on the Dow Jones Industrial Average (DJIA) are 109 points below fair value.

5 Things You Need to Know Today

 

  1. Japan's Nikkei took a dive, amid a stronger yen and profitability-related pressure from banks.
  2. The Chicago Board Options Exchange (CBOE) saw 702,050 call contracts traded on Monday, compared to 672,462 put contracts. The resultant single-session equity put/call ratio jumped to 0.93, while the 21-day moving average edged up to 0.77.  
  3. Last week's bullish analyst attention isn't doing much to help blue chip The Coca-Cola Co (NYSE:KO) this morning. Shares of the soda giant are edging lower ahead of the open, after the firm reported an 8% drop in quarterly sales. The company cited a strong dollar as a cause for the weakness. 
  4. Biotech firm Regeneron Pharmaceuticals Inc (NASDAQ:REGN) has dropped 6.8% in electronic trading, after the company's quarterly earnings report missed expectations. Option players will likely be disappointed, as they had continued their call-buying ways heading into the event, according to data from the major exchanges. 
  5. A day ahead of the company's earnings report, Tesla Motors Inc's  (NASDAQ:TSLA) recent sell-off looks poised to continue. The automaker is looking at a 4.3% drop when the market opens -- on pace for yet another low -- which is just fine with speculators, who have been betting bearishly ahead of the quarterly event

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Earnings and Economic Data

The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) is the lone economic report on today's docket. Meanwhile, Walt Disney Co (NYSE:DIS), Akamai Technologies (AKAM), CVS Health (CVS), Goodyear Tire & Rubber (GT), Panera Bread (PNRA), SolarCity (SCTY), Spirit Airlines (SAVE), Viacom (VIAB), Wendy's (WEN), Western Union (WU), and Wyndham Worldwide (WYN) will report earnings. To see what else is coming up on this week's agenda, click here.


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