Dow Jones Industrial Average Futures Grind Higher Ahead of Yellen

2 Bank Stocks Blitzed After Friday's Jobs Data

Jun 6, 2016 at 9:12 AM
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Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, ahead of a highly anticipated speech from Fed Chair Janet Yellen. The stock market is looking to Yellen's address to the World Affairs Council, scheduled for 12:30 p.m. ET, for any insight on a summer rate hike after last week's dismal jobs data. Meanwhile, Boston Fed President Eric Rosengren earlier this morning acknowledged that Friday's payrolls report was "disappointing," but said he still expects economic growth to "justify a gradual removal of accommodation" over time. 

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

U.S. Stock Futures June 6

Futures on the Dow Jones Industrial Average (DJIA) are almost 62 points above fair value. 

5 Things You Need to Know Today

  1. Rising "Brexit" support is helping London's FTSE 100 buck the bearish trend. 
  2. The Chicago Board Options Exchange (CBOE) saw 792,987 call contracts traded on Friday, compared to 470,591 put contracts. The resultant single-session equity put/call ratio fell to 0.59, while the 21-day moving average edged down to 0.72.
  3. Wal-Mart Stores, Inc. (NYSE:WMT) is on the rise ahead of the open, thanks to a bullish note at Jefferies. The brokerage firm lifted its opinion to "buy" from "hold," and its price target to $82 from $60. The analysts said the retailer's investments are "yielding broadly improved store conditions," an opinion supported by the company's recent first-quarter earnings results
  4. Sector peer Whole Foods Market, Inc. (NASDAQ:WFM) is another pre-market winner this morning, picking up more than 2% so far, thanks to an upbeat write-up in Barron's over the weekend. The financial newspaper said WFM shares could rise as much as 20% in the next 12 months, as costs cuts allow the organic grocer to price more competitively. This potential move would be more of the same from the stock, which has been on fire recently
  5. Speaking of hot stocks, Micron Technology, Inc. (NASDAQ:MU) is up in electronic trading, after Goldman Sachs raised its price target to $13 from $10. MU closed Friday at $12.86, and has outpaced the S&P 500 Index (SPX) by more than 26 percentage points in the past month. 

Buzz Stocks June 6

Earnings and Economic Data

While Monday's economic calendar is bare, putting all eyes on Yellen. United Natural Foods (UNFI) will report earnings. To see what is coming up on this week's schedule, click here

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