Dow Jones Industrial Average Futures Pull Back After Disney Miss

Dow Jones Industrial Average ​​(DJIA) futures are below fair value following Tuesday's huge win, dragged lower by a rare earnings miss from blue-chip stock Walt Disney Co (NYSE:DIS). Traders are also watching oil prices. Crude futures were choppy in overnight action, but June crude oil was last seen back in the black, up 0.4% at $44.85 per barrel, on reports of a disruption to a key pipeline in Nigeria.

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

• The election-year signal you don't want to miss, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.
• Apple Inc. (NASDAQ:AAPL) is at a technical crossroads.
• Why call buying exploded on this battered cybersecurity stock.
• Plus... Weak data sinks Europe, a major merger gets shut down, and Macy's, Inc. (NYSE:M) misses.

Futures on the Dow Jones Industrial Average (DJIA) are 40 points below fair value.

5 Things You Need to Know Today
 

1. Disappointing earnings and manufacturing data are weighing on stocks in Europe.
2. The Chicago Board Options Exchange (CBOE) saw 663,565 call contracts traded on Tuesday, compared to 602,672 put contracts. The resultant single-session equity put/call ratio rose to 0.91, while the 21-day moving average climbed to 0.73.
3. Despite recent success at the box office, a disappointing show in the earnings confessional has Walt Disney Co (DIS) down 5.5% in electronic trading. Still, while ESPN has been a concern for the company, Disney said the sports network's performance improved "due to the benefit of lower programming costs and higher affiliate revenues."
4. The Federal Trade Commission's request for an injunction preventing the $6.3 billion merger of Staples, Inc. (NASDAQ:SPLS) and Office Depot Inc (NASDAQ:ODP) has been granted by a U.S. district court judge. Office Depot CEO Roland Smith said the companies will not appeal the decision. At last check, SPLS is sitting 16% lower, while ODP was off 35% ahead of the opening bell.
5. Options bears may be cheering this morning, as Macy's, Inc. (NYSE:M) is headed 7.3% lower at the open. The company reported quarterly earnings just above analyst estimates, but revenue disappointed, and Macy's lowered its full-year outlook.

Earnings and Economic Data

The weekly crude inventories update and the Treasury budget will hit the Street. Canadian Solar (CSIQ), M, and Wendy's (WEN) will tell all in the earnings confessional. To see what else is coming up on this week's schedule, click here. 

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