Dow Jones Industrial Average Futures Signal Strong Start to Short Week

2 Solar Stocks Swinging Wildly

by Kirra Fedyszyn

Published on May 31, 2016 at 9:03 AM
Updated on May 31, 2016 at 9:15 AM

Dow Jones Industrial Average (DJIA) futures are above fair value, signaling a higher start to the holiday-shortened week. Traders are preparing to digest a hefty load of economic data today, which kicked off with consumer spending ramping up 1% in April -- its largest gain in more than six years.

Still on tap today are the S&P/Case-Shiller home price index, the Chicago purchasing managers index (PMI), the Conference Board's consumer confidence survey, and the Dallas Fed manufacturing survey. And looking ahead, the next nonfarm payrolls report is due this Friday. Oil prices are also boosting stocks this morning, following a weekly win, with the July contract for crude oil last seen up 0.4% at $49.53 per barrel.

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

Dow Futures May 31

Futures on the Dow Jones Industrial Average (DJIA) are nearly 36 points above fair value.

5 Things You Need to Know Today

  1. China finished its best day in nearly three months, while European stocks pulled back ahead of a key central bank meeting this week.
  2. The Chicago Board Options Exchange (CBOE) saw 706,435 call contracts traded on Friday, compared to 358,495 put contracts. The resultant single-session equity put/call ratio slipped to 0.51, while the 21-day moving average notched lower to 0.75.
  3. Celator Pharmaceuticals Inc (NASDAQ:CPXX) soared more than 71% in pre-market trading, on news that it will be bought by Jazz Pharmaceuticals plc - Ordinary Shares (NASDAQ:JAZZ). The $1.3 billion deal comes in at roughly $30.25 per share, compared to CPXX's Friday close of $17.53.
  4. Starbucks Corporation (NASDAQ:SBUX) announced a new line of cold drinks for summer, including a nitrogen-infused cold brew coffee. The new "cold bar" will be released first in New York, San Francisco, and Los Angeles.
  5. Hewlett Packard Enterprise Co (NYSE:HPE) and Oracle Corporation (NYSE:ORCL) are due to appear in court today to settled a dispute regarding Oracle's role in Hewlett-Packard's declining hardware business, prior to the HPE/HPQ split.

Buzz Stocks May 31

Earnings and Economic Data

The short week opens with a bang, as today's docket features personal income and spending data, the S&P/Case-Shiller home price index, the Chicago purchasing managers index (PMI), the Conference Board's consumer confidence survey, and the Dallas Fed manufacturing survey. Medtronic (MDT), TiVo (TIVO), and Workday (WDAY) will release earnings. To see what is coming up on this week's schedule, click here

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