Dow Jones Industrial Average Futures Up Ahead of Alcoa

Coming off its worst weekly performance in months, the ​Dow Jones Industrial Average ​​(DJIA) is signaling a higher start -- with futures on the Dow trading about 69 points above fair value. Today's focus will likely be on the beginning of first-quarter earnings season, with aluminum giant Alcoa Inc (NYSE:AA) slated to unveil its quarterly results after the close. Meanwhile, the Fed could garner some attention, with Fed Chair Janet Yellen scheduled to have a sit-down with President Barack Obama at 3 p.m. ET. The two are expected to discuss "the state of the American and global economy," among other topics -- an issue Yellen has been vocal about lately.

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

• Volatility expectations are sky-high ahead of Alcoa's earnings report.
• United States Steel Corporation (NYSE:X) and this gold stock have been technical monsters in 2016.
• Why Facebook Inc (NASDAQ:FB) option bulls may be eyeing this trendline.
• Plus... inflation data boosts China stocks, Yahoo's newest suitor, and more drama for Valeant Pharmaceuticals. 

Futures on the Dow Jones Industrial Average (DJIA) are 69 points above fair value.

5 Things You Need to Know Today

 

1. China stocks rallied, after the most recent inflation data spurred stimulus chatter.
2. The Chicago Board Options Exchange (CBOE) saw 627,216 call contracts traded on Friday, compared to 467,361 put contracts. The resultant single-session equity put/call ratio jumped to 0.75, while the 21-day moving average stayed at 0.69.
3. Shares of Yahoo! Inc. (NASDAQ:YHOO) are up 1.1% in electronic trading, as the Internet company's list of potential suitors grows. Specifically, the U.K.'s Daily Mail newspaper firm is in early discussions to possibly put in a bid for YHOO.
4. Canadian Pacific Railway Limited (USA) (NYSE:CP) has officially ended its pursuit of Norfolk Southern Corp. (NYSE:NSC) -- which has repeatedly rebuffed the advances. In fact, CP called off its bid for the freight firm, saying there is "no clear path to a friendly merger at this time." Shares of NSC are off nearly 1% ahead of the bell.
5. The Senate could begin contempt proceedings against outgoing Valeant Pharmaceuticals Intl Inc (NYSE:VRX) CEO Michael Pearson after he failed to appear for a drug-pricing deposition in which he was subpoenaed for. VRX -- which has been on a roller-coaster ride recently -- is up 1.1% in pre-market trading.

Earnings and Economic Data

There are no significant economic reports on the radar today, but Dallas Fed President Rob Kaplan will participate in a Q&A session in Louisiana. Meanwhile, earnings season unofficially kicks off with AA and Bank of the Ozarks (OZRK) reporting quarterly results. To see what is coming up next on this week's schedule, click here. 

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