DJIA futures are lower, despite yesterday's dovish Fed rate-hike forecast
Dow Jones Industrial Average (DJIA) futures are below fair value, despite yesterday's
dovish Fed rate-hike forecast, as traders react to lackluster guidance from Caterpillar Inc. (NYSE:CAT) and a dismal day for stocks in Europe. On the other hand, oil prices continue to muscle higher as producers confirmed they will meet on April 17 to discuss a production freeze -- with April-dated crude futures up 1.3% at $38.96 per barrel. On the data front, weekly jobless claims rose less than expected, and the Philadelphia Fed manufacturing index turned positive after six months below zero.
Continue reading for more on today's market, including:

Futures on the Dow Jones Industrial Average (DJIA) are nearly 31 points below fair value.
5 Things You Need to Know Today
- Asian stocks rallied on the Fed, but European markets are getting battered by "Brexit" fears.
- The Chicago Board Options Exchange (CBOE) saw 695,994 call contracts traded on Wednesday, compared to 491,825 put contracts. The resultant single-session equity put/call ratio slid to 0.71, while the 21-day moving average remained at 0.69.
- CAT forecast current-quarter earnings and sales well below Wall Street's expectations, but reaffirmed its full-year guidance. The news has shares of the construction equipment firm, which face loads of skepticism, down 3.4% pre-market.
- Delivery dynamo FedEx Corporation (NYSE:FDX) reported better-than-expected earnings and lifted the lower end of its full-year profit forecast. The upbeat report prompted at least six analysts to raise their price targets, sending the stock 5.7% higher in electronic trading.
- Mondelez International Inc (NASDAQ:MDLZ) is pointed 2.3% lower ahead of the open, after Bill Ackman's Pershing Square Capital Management sold 20 million shares of the food firm.

Earnings and Economic Data
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) will hit the Street today. Adobe Systems (ADBE), Aeropostale (ARO), International Game Technology (IGT), Lands' End (LE), and Shoe Carnival (SCVL) are due to report quarterly earnings. To see what is else on this week's agenda, click here.