DJIA futures are signaling a bullish start ahead of Fed Chair Janet Yellen's testimony
It could be
another volatile day on Wall Street, with futures on the
Dow Jones Industrial Average (DJIA) up almost triple digits this morning. Fed Chair Janet Yellen is in the spotlight, and although the head of the central bank isn't slated to begin her two-day testimony in front of Congress until 10:30 a.m. ET, her already-released prepared remarks suggest the Federal Reserve could raise interest rates at a slower pace, should the economy disappoint. Meanwhile,
oil prices will continue to be a main driver -- March-dated crude futures are 2.3% higher at $28.57 per barrel, on speculation the Organization of the Petroleum Exporting Countries (OPEC) could be ready to discuss crude's global supply glut.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are nearly 97 points above fair value.
5 Things You Need to Know Today
- While most markets in Asia are closed for holiday, Japan's Nikkei racked up another losing session amid a stronger yen.
- The Chicago Board Options Exchange (CBOE) saw 686,451 call contracts traded on Tuesday, compared to 523,896 put contracts. The resultant single-session equity put/call ratio fell to 0.76, while the 21-day moving average remained at 0.77.
- SolarCity Corp (NASDAQ:SCTY) is down 32% in electronic trading -- on track for its worst day ever and a trip into two-year-low territory -- after the firm forecast a wider-than-expected current-quarter loss and dreary full-year growth. What's more, analysts doled out a fresh round of bearish brokerage notes, with no fewer than eight price-targets cuts issued.
- Walt Disney Co (NYSE:DIS) is also headed south -- down roughly 3% ahead of the bell, although much less than the options market was projecting -- as concern over declining profit at ESPN, the Disney Channels, and ABC diverts attention from the "Star Wars" producer's record-setting fourth-quarter profit.
- After notching a dismal milestone yesterday, Deutsche Bank AG (USA) (NYSE:DB) is up 10% in pre-market trading. Speculation is swirling that the financial firm could offer a multi-billion bond buyback. Additonally, DB's co-head of debt origination has resigned.
Earnings and Economic Data
The regularly scheduled crude inventories report is due out today, as is the U.S. Treasury budget. Also, in addition to Fed Chair Janet Yellen's testimony before the House Financial Services Committee, while San Francisco Fed President John Williams will speak on the health of the economy.
Stepping up to the earnings plate are CSCO, Aramark (ARMK), Baidu (BIDU), Expedia (EXPE), Humana (HUM), Kinross Gold (KGC), LifeLock (LOCK), Mylan (MYL), O'Reilly Automotive (ORLY), Owen's Corning (OC), Pilgrim's Pride (PPC), Skechers (SKX), Twitter (TWTR), Whole Foods Market (WFM), and Zynga (ZNGA).To see what else is coming up on this week's agenda, click here.