Dow Jones Industrial Average Futures Up on Booming Oil Prices

The $1.1 Million Bearish Coal Bet

by Karee Venema

Published on Mar 11, 2016 at 9:03 AM
Updated on Jun 24, 2020 at 10:16 AM

Stocks are signaling another strong start, with futures on the Dow Jones Industrial Average (DJIA) ​surging in electronic trading. Helping boost Dow futures above fair value are booming oil prices, with April-dated crude futures 2% higher at $38.78 per barrel, after the International Energy Agency (IEA) said "there are signs that prices might have bottomed out" for crude oil. Additionally, stocks are reassessing Thursday's big stimulus move by the European Central Bank (ECB). Against this backdrop, Dow futures are trading more than 100 points above fair value, with the Dow taking aim at a fourth consecutive weekly win.

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

160311ovfutures

Futures on the Dow Jones Industrial Average (DJIA) are nearly 140 points above fair value.

5 Things You Need to Know Today

 

  1. Global stocks reacted positively to the ECB's surprise stimulus decision, as well as rising crude futures.
  2. The Chicago Board Options Exchange (CBOE) saw 608,375 call contracts traded on Thursday, compared to 447,734 put contracts. The resultant single-session equity put/call ratio rose to 0.74, while the 21-day moving average remained at 0.71.  
  3. It's been a big week on the earnings front, and shares of Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA) are up 14% in electronic trading following the retailer's results. Specifically, ULTA reported fourth-quarter profit of $1.69 per share on $1.27 billion in sales -- both above consensus estimates -- and offered up a stronger-than-forecast current-quarter revenue outlook. What's more, the results were met with no fewer than seven price-target hikes.
  4. Shares of FXCM Inc (NYSE:FXCM) are bracing for a 15% plunge out of the gate, after the forex broker said fourth-quarter revenue fell roughly 34% and that it has amended its credit agreement with Leucadia National Corp. (NYSE:LUK)
  5. After Warren Buffett recently weighed in on American Express Company (NYSE:AXP), the company reaffirmed its financial forecast for this year and next. Additionally, AXP said it plans to address recent revenue challenges by focusing on existing customers and expanding its merchant base. Shares of AXP are little changed on the news, though, after settling last night at $58.75.


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Earnings and Economic Data

Import and export prices are all alone on today's economic schedule, while earnings from Lifetime Brands (LCUT) are due out. To see what is on next week's agenda, click here.


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