Dow Jones Industrial Average Futures Edge Higher; Oil, Fed in Focus

The ​Dow Jones Industrial Average ​​(DJIA) is signaling a positive open to the week after a strong start to the second quarter, with futures perched above fair value amid an uptick in oil prices. At last check, May-dated crude futures have tacked on 0.4% to rest at $36.94 per barrel. While there's little in the way of economic data, another round of Fed speeches could move stocks -- including this morning's address from Boston Fed President Eric Rosengren.

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

• Why this downgrade could be the first of many for Delta Air Lines, Inc. (NYSE:DAL). 
• 2 semiconductor stocks on analysts' radars, and another taking a dive.  
• Why option volume popped on Regeneron Pharmaceuticals Inc (NASDAQ:REGN) and this fellow healthcare stock. 
• Plus... Eurozone unemployment retreats, Virgin finds a buyer, and a potential Yahoo! suitor.

Futures on the Dow Jones Industrial Average (DJIA) are more than 17 points above fair value.

5 Things You Need to Know Today

 

1. European stocks are rallying following an upbeat report on eurozone unemployment.
2. The Chicago Board Options Exchange (CBOE) saw 643,158 call contracts traded on Friday, compared to 404,404 put contracts. The resultant single-session equity put/call ratio fell to 0.63, while the 21-day moving average remained at 0.70.
3. Following weeks of speculation, Alaska Air Group, Inc. (NYSE:ALK) has agreed to buy Virgin America Inc (NASDAQ:VA) for $2.6 billion, or $57 per share, with the merger creating the fifth largest U.S. airline. The news has VA up over 39% pre-market, while ALK is down roughly 6%.
4. Asset management giant Blackstone Group LP (NYSE:BX) has purchased a majority stake Mphasis, an outsourcing services provider based in India, from Hewlett Packard Enterprise Co (NYSE:HPE), in a deal worth up to $1.1 billion.
5. Time Inc (NYSE:TIME) is reportedly considering a private equity partner to bid for Yahoo! Inc.'s (NASDAQ:YHOO) core Internet assets. If TIME decides to make an offer, the media firm will likely face competition.

Earnings and Economic Data

Factory orders are the sole economic report on today's docket, while Boston Fed President Eric Rosengren, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Rob Kaplan are slated to speak. There are no notable earnings reports slated for release. To see what else is coming up on this week's schedule, click here. 

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