Dow Jones Industrial Average Futures Track Oil Prices Higher

​The Dow Jones Industrial Average ​​(DJIA) is headed higher with oil prices, with Dow futures sitting above fair value. Meanwhile, May-dated crude futures have jumped 0.6% to $40.60 per barrel amid optimism that this Sunday's meeting of global oil producers in Doha, Qatar, will result in a production freeze. The rise in crude oil prices is helping to overshadow a lackluster start to earnings season from aluminum giant Alcoa Inc (NYSE:AA), while the Labor Department this morning said import prices rose for the first time since September.

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

• Is the glass half full for the S&P 500 Index (SPX)?
• Morgan Stanley expects drastically different earnings for Fitbit Inc (NYSE:FIT) and Under Armour Inc (NYSE:UA).
• The disappointing drug news that iced this biotech.
• Plus... Japan stocks rally, more on Alcoa's earnings, and Alibaba's latest target.

Futures on the Dow Jones Industrial Average (DJIA) are 37 points above fair value.

5 Things You Need to Know Today

 

1. A cooling yen lifted Japan's Nikkei to a notable milestone, while mining stocks in Europe are rallying.
2. The Chicago Board Options Exchange (CBOE) saw 592,780 call contracts traded on Monday, compared to 386,902 put contracts. The resultant single-session equity put/call ratio fell to 0.65, while the 21-day moving average remained at 0.69.
3. Alcoa's highly anticipated earnings report came in mixed, with earnings topping estimates but revenue coming up short -- pressuring the stock 3% lower pre-market. The firm also lowered its full-year outlook for global aerospace sales, and announced plans to cut up to 2,000 positions due to ongoing weakness in aluminum prices.
4. Boeing Co (NYSE:BA) announced it is in talks to sell its jets in Iran -- just a week after the aerospace company received a bunch of new orders -- now that nuclear sanctions against the nation have been lifted.
5. Alibaba Group Holding Ltd (NYSE:BABA) has taken a controlling stake in Asia-based e-tailer Lazada Group for roughly $1 billion. This is just one of the many fundamental developments recently announced by the e-commerce giant, and the shares of BABA are up slightly ahead of the bell.

 

Earnings and Economic Data

The U.S. Treasury budget will be released this afternoon, while Philadelphia Fed President Patrick Harper, San Francisco Fed President John Williams, and Richmond Fed President Jeffrey Lacker are scheduled to speak throughout the day. CSX (CSX), Perry Ellis (PERY), and Fastenal (FAST) will step up to the earnings plate. To see what is coming up next on this week's schedule, click here. 

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check