Oil, Fed Fodder Weigh On Dow Jones Industrial Average Futures

Dow Jones Industrial Average (DJIA) futures are a hair above fair value, as oil prices fall and more Fed officials hint at a near-term rate hike. Specifically, July-dated crude futures were last seen 1.2% lower at $47.83 per barrel, after Iran said it will not freeze output ahead of a June 2 meeting of the Organization of the Petroleum Exporting Countries (OPEC) producers. Also weighing on stocks, St. Louis Fed President James Bullard said a "relatively tight" U.S. labor market "may put upward pressure on inflation going forward" -- potentially justifying higher interest rates -- while Boston Fed President Eric Rosengren said the central bank's prerequisites for a rate increase are "on the verge of broadly being met."

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

• 2 surging semiconductor stocks.  
• The $1 million bearish bet on Activision Blizzard, Inc. (NASDAQ:ATVI). 
• While analysts are predicting 15-year highs for this blue chip, bears are lining up to bet against Nike Inc (NYSE:NKE). ​
• Plus... Data dents Japan, Monsanto mulls buyout bid, and IPO plans shelved.

Futures on the Dow Jones Industrial Average (DJIA) are less than 0.1 point above fair value.

5 Things You Need to Know Today
 

1. Downbeat export data dragged Japanese stocks lower, while tumbling metal and oil prices are pressuring European markets.
2. The Chicago Board Options Exchange (CBOE) saw 898,943 call contracts traded on Friday, compared to 704,854 put contracts. The resultant single-session equity put/call ratio edged down to 0.78, while the 21-day moving average held at 0.76.
3. Monsanto Company (NYSE:MON) has received a $62 billion buyout bid, worth roughly $122 per share, from German chemical and pharmaceutical firm Bayer. The news has MON stock pointed about 8% higher in pre-market trading.
4. To the delight of put traders, Freeport-McMoRan Inc (NYSE:FCX) is down 2% ahead of the open, after the mining magnate withdrew its planned initial public offering (IPO) on its oil-and-gas unit.
5. Amid a Justice Department probe that's sent several large investors to the sidelines, LendingClub Corp (NYSE:LC) has reportedly hired Jefferies to help it secure new investors for funding loans. Separately, Shanda Media Limited unveiled an 11.7% stake in the company. LC shares have tacked on almost 8% pre-market.

Earnings and Economic Data

There is nothing notable on today's economic calendar, but San Francisco Fed President John Williams and Philadelphia Fed President Patrick Harker are scheduled to speak. Meanwhile, the earnings lineup is relatively quiet. To see what else is coming up on this week's schedule, click here. 

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