Dow Jones Industrial Average Futures Advance Following GDP

Dow Jones Industrial Average (DJIA) futures are perched modestly above fair value, even as stocks react to preliminary gross domestic product (GDP) data. Specifically, while first-quarter GDP was upwardly revised to 0.8% from 0.5%, it still rose slightly less than expected. Meanwhile, traders are eagerly awaiting an afternoon speech from Fed Chair Janet Yellen, hoping for clues concerning the central bank's interest rate plans. Also, stocks could again be impacted by struggling oil prices, with July-dated crude futures last seen 1.5% lower at $48.74 per barrel. Taking a step back, the Dow is on track to snap its longest weekly losing streak since 2014, up 1.9% week-to-date.

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

• 25 stocks that could soar next week.
• Which beverage stock gets the better of this Memorial Day matchup?
• Are Abercrombie & Fitch Co.'s (NYSE:ANF) best days behind it?
• Plus... Tax buzz out of Japan, Alphabet's legal win, and the cybersecurity stock set to slide.

Futures on the Dow Jones Industrial Average (DJIA) are nearly 32 points above fair value.

5 Things You Need to Know Today
 

1. Lackluster inflation data failed to derail Japanese stocks, as some interesting reports on Prime Minister Shinzo Abe's tax plan resurfaced.
2. The Chicago Board Options Exchange (CBOE) saw 749,704 call contracts traded on Thursday, compared to 415,415 put contracts. The resultant single-session equity put/call ratio fell to 0.55, while the 21-day moving average held at 0.76.
3. Embattled drugmaker Valeant Pharmaceuticals Intl Inc (NYSE:VRX) reportedly rejected a joint takeover bid from TPG Capital Management LP and Takeda Pharmaceutical Co Ltd, just weeks before appointing Joseph Papa as its new CEO. VRX is up 6.5% in pre-market trading.
4. A San Francisco jury ruled that Alphabet Inc's (NASDAQ:GOOGL) use of Oracle Corporation's (NYSE:ORCL) Java software in Android smartphones does not violate copyright laws.
5. Palo Alto Networks Inc (NYSE:PANW) is bracing for a nearly 11% plunge out of the gate, pressured by the cybersecurity firm's downbeat current-quarter forecast and a subsequent round of bearish brokerage notes. For the fiscal third quarter, though, PANW earnings were in line with estimates, while revenue exceeded the consensus view.

Earnings and Economic Data

The week closes out with the Thomson Reuters/University of Michigan consumer sentiment survey, as well as the speech from Yellen. JA Solar (JASO) and JinkoSolar (JKS) will step in the earnings spotlight. To see what is coming up on next week's schedule, click here. 

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