Dow Jones Industrial Average Futures Rally as OPEC Optimism Lifts Oil

8 Contrarian Stocks to Stalk

by Karee Venema

Published on Mar 9, 2016 at 9:06 AM

On the seventh anniversary of the bull market, Dow Jones Industrial Average (DJIA) futures are signaling a sharp rebound today, with stocks taking their cues from a big bounce in oil prices. Specifically, April-dated crude futures are up 1.7% at $37.13 per barrel, amid reports global oil producers -- including members of the Organization of the Petroleum Exporting Countries (OPEC) -- will meet in Moscow later this month to discuss a production freeze. Against this backdrop, Dow futures are trading well above fair value, pointing to a move back above the round 17,000 mark.

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

160309ovfutures

Futures on the Dow Jones Industrial Average (DJIA) are nearly 89 points above fair value.

5 Things You Need to Know Today

 

  1. Steel stocks weighed on China's Shanghai Composite, while European markets are in the green ahead of tomorrow's highly anticipated European Central Bank (ECB) meeting.
  2. The Chicago Board Options Exchange (CBOE) saw 539,457 million call contracts traded on Tuesday -- the fewest since Dec. 30 -- compared to 484,756 put contracts. The resultant single-session equity put/call ratio jumped to 0.90 from 0.67, while the 21-day moving average remained at 0.72.  
  3. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) has reportedly added three new directors to its board, including Stephen Fraidin -- vice chair of Bill Ackman's Pershing Square Capital Management. Shares of VRX have plunged recently amid fundamental woes and backlash from the brokerage bunch, but are pointed 3.9% higher in electronic trading.
  4. Despite a historically bullish March bias, shares of Chipotle Mexican Grill, Inc. (NASDAQ:CMG) are down 2.6% ahead of the bell on news the fast-casual restaurateur will temporarily shutter one of its Massachusetts locations after four employees were found ill.
  5. Lumber Liquidators Holdings Inc (NYSE:LL) has accused Kase Capital hedge fund manager Whitney Tilson of creating "confusion in the marketplace." Tilson on Tuesday called LL a "great short again," echoing the Centers for Disease Control and Prevention's (CDC) claims that the cancer risk from the company's flooring is greater than initially thought. After slumping to a nearly 15% loss yesterday, shares of LL are up 2.9% in pre-market trading.


OV buzz stocks 0309

Earnings and Economic Data

The weekly report on crude inventories comes out today. On the earnings front, Express (EXPR), FuelCell Energy (FCEL), Square (SQ), and XOMA (XOMA) are the biggest names reporting. To see what else is on this week's agenda, click here.


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