DJIA futures are tracking gains in crude oil
Following the Dow's best week of the year, futures on the Dow Jones Industrial Average (DJIA) are trading well above fair value, thanks to a surge in oil prices. March-dated crude futures are up 5.8% to $31.35, after the International Energy Agency (IEA) cut its forecast for U.S. shale production over the next two years. Global stocks have rallied on the report -- and the bullish action in oil futures could continue to drive today's price action, since the economic schedule is light.
Continue reading for more on today's market, including: 
Futures on the Dow Jones Industrial Average (DJIA) are 169 points above fair value.
5 Things You Need to Know Today
- Why the British pound got clobbered today.
- The Chicago Board Options Exchange (CBOE) saw 1.14 million call contracts traded on Friday, compared to 998,046 put contracts. The resultant single-session equity put/call ratio jumped to 0.87, while the 21-day moving average edged up to 0.73.
- Lumber Liquidators Holdings Inc (NYSE:LL) is down nearly 17% in pre-market trading, after the Centers for Disease Control and Prevention (CDC) released an updated report claiming customers exposed to LL's scandal-plagued flooring faced a greater cancer risk than previously expected.
- Online discounter Groupon Inc (NASDAQ:GRPN) is up 6.4% ahead of the bell, as speculation continues to swirl that Alibaba Group Holding Ltd (NYSE:BABA) may buy the company. BABA already took a nearly 6% stake in GRPN last week.
- AT&T Inc. (NYSE:T) has inked another partnership. The telecom giant will be working with Intel Corporation (NYSE:INTC) to test drones on AT&T's high-speed wireless network. Both T and INTC are edging higher in electronic trading.
Earnings and Economic Data
Markit's flash purchasing managers index (PMI) is on tap. Fitbit (FIT), Allergan (AGN), Dean Foods (DF), Motorola Solutions (MSI), Texas Roadhouse (TXRH), and Veeco Instruments (VECO) will report earnings. To see what else is coming up on this week's agenda, click here.