Dow Jones Industrial Average Futures Lower With Fed in Sight

Dow Jones Industrial Average ​​(DJIA) futures are trading below fair value this morning, as traders gear up for the busiest earnings week of the quarter. The economic schedule is relatively light today, allowing Wall Street to look ahead to tomorrow's Federal Open Market Committee (FOMC) meeting. Meanwhile, June-dated crude oil futures were last seen 0.9% lower at $43.36 per barrel, after last week's impressive gains. As for stocks, Halliburton Company (NYSE:HAL) is in the headlines after announcing job cuts and delaying its first-quarter earnings conference call.

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

• How 2 tech heavyweights got clobbered after earnings.
• The crucial FDA decision that's had this biotech stock all over the charts -- and halted in pre-market trading. 
• Last-minute option traders took a chance on Apple Inc. (NASDAQ:AAPL).
• Plus... Central bank anxiety, more love for McD's, and a drugmaker's victory in Europe. 

Futures on the Dow Jones Industrial Average (DJIA) are almost 46 points below fair value. 

5 Things You Need to Know Today

 

1. Global stocks are starting the week off on a slow note ahead of key central bank decisions. 
2. The Chicago Board Options Exchange (CBOE) saw 931,151 call contracts traded on Friday, compared to 565,952 put contracts. The resultant single-session equity put/call ratio dropped to 0.61, while the 21-day moving average edged down to 0.68.
3. Fast-food stock McDonald's Corporation (NYSE:MCD) will look to keep its post-earnings momentum alive today, after no fewer than four brokerage firms this morning weighed in bullishly. Deutsche Bank set the highest marker with a $140 price target, representing all-time highs for MCD. The shares settled Friday at $125.50. 
4. HAL last night said it cut more than 6,000 jobs last quarter, and announced a 40% year-over-year drop in revenue. The blue chip rescheduled its earnings call to May 3 from today, so the company could turn all of its attention to the Baker Hughes Incorporated (NYSE:BHI) merger. 
5. The European Commission granted marketing authorization for Gilead Sciences, Inc.'s (NASDAQ:GILD) HIV treatment, though the shares are slightly lower in pre-market trading. Still, the stock's been hot lately, breaking out of its recent consolidation to take out the century mark, last seen at $101.93. 

Earnings and Economic Data

The week kicks off with new home sales data and the Dallas Fed manufacturing survey. On the earnings front, Express Scripts (ESRX), Sohu.com (SOHU), and Xerox (XRX) will tell all. To see what else is coming up on this week's schedule, click here. 

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