Oil Boosts Dow Jones Industrial Average Futures Ahead of Fed Minutes

After swimming in red ink yesterday, ​Dow Jones Industrial Average ​​(DJIA) futures are signaling a higher start, ahead of this afternoon's highly anticipated meeting minutes from the Federal Open Market Committee (FOMC). Driving stocks higher pre-market are upbeat data out of China's services sector, and a bounce in oil prices -- with May-dated crude futures currently 2.9% higher at $36.94 per barrel, amid renewed hopes for a global production freeze. A number of Fed officials are also set to speak, including midday remarks from Cleveland Fed President Loretta Mester.

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

• What the biggest quarterly comeback since the Great Depression could mean for stocks, per Schaeffer's Senior Quantitative Analyst Rocky White.
• Short-term traders circled as this embattled retailer rebounded on a favorable court ruling.
• The departure of a husband-and-wife executive team had option bulls striking back on Marvell Technology Group Ltd. (NASDAQ:MRVL)
• Plus... Japan's cold streak, a pharma deal comes undone, and bad news for Nokia workers.

Futures on the Dow Jones Industrial Average (DJIA) are nearly 24 points above fair value.

5 Things You Need to Know Today

 

1. The losing streak for Japanese stocks reached seven days, while European markets are higher on crude oil.
2. The Chicago Board Options Exchange (CBOE) saw 564,527 call contracts traded on Tuesday, compared to 390,906 put contracts. The resultant single-session equity put/call ratio rose to 0.69, while the 21-day moving average remained at 0.70.
3. It's official: Pfizer Inc. (NYSE:PFE) and Allergan plc Ordinary Shares (NYSE:AGN) have announced they are scrapping their planned $160 billion merger after the U.S. Treasury announced rules to prevent corporate "inversions." PFE has gained 1.3% ahead of the bell, while AGN has fallen 1.5%.
4. Nokia Corp (ADR) (NYSE:NOK) announced plans to cut up to 15,000 jobs throughout Europe -- or 14% of its global workforce -- after completing its acquisition of Alcatel Lucent SA ADR (NYSE:ALU) later this year.
5. Cree, Inc. (NASDAQ:CREE) is bracing for an 18% drop at the open -- which would be its worst single-day loss in months -- after the lighting firm warned its fiscal third-quarter earnings and revenue will come in below previous guidance.

Earnings and Economic Data

The weekly crude inventories update could create some buzz this morning, while the minutes from the latest FOMC meeting will command full attention in the afternoon. Apollo Education Group (APOL), Bed Bath & Beyond (BBBY), Monsanto (MON), and Ollie's Bargain Outlet (OLLI) will unveil their earnings reports. To see what else is coming up on this week's schedule, click here. 

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