Dow Jones Industrial Average Futures Slip with Oil

One Biotech's Worst Day Ever; Plus, a 'Very Bullish' Steel Endorsement

Jun 9, 2016 at 9:11 AM
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Dow Jones Industrial Average (DJIA) futures are below fair value this morning, after the blue-chip index reclaimed the 18,000 level Wednesday following three straight days of gains. Stocks appear to be tracking oil prices, which have backtracked as investors collect profits. July-dated crude oil climbed above $51 per barrel for the first time in 10 months yesterday, but was last spotted 1.2% lower, at $50.62 per barrel. Meanwhile, weekly jobless claims fell to 264,000, while analysts were expecting a slight climb to 270,000.

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

Dow Futures June 9

Futures on the Dow Jones Industrial Average (DJIA) are 59 points below fair value.

5 Things You Need to Know Today

  1. Stocks in Asia and Europe are lower amid concerns over global growth, while South Korea digests the first rate cut in a year.
  2. The Chicago Board Options Exchange (CBOE) saw 656,375 call contracts traded on Wednesday, compared to 389,764 put contracts. The resultant single-session equity put/call ratio slipped back to 0.59, while the 21-day moving average edged down yet again, to 0.68. 
  3. Home furnishings retailer Restoration Hardware Holdings Inc (NYSE:RH) is once again suffering post-earnings analyst wrath, after the firm reported a first-quarter loss of 5 cents per share, compared to analysts' estimates of a per-share profit of 5 cents. The stock has surrendered more than 20% in pre-market trading.
  4. The U.S. Justice Department may be butting heads with Apple Inc. (NASDAQ:AAPL) again, after reportedly asking the Supreme Court to overturn an appeals court ruling that sided with the iPhone maker in a long-running patent dispute with Samsung. At last check, AAPL was sitting 0.3% lower ahead of the open.
  5. Recent traders of Alphabet Inc's (NASDAQ:GOOGL) weekly options may have their ears to the ground today, following reports that co-founder Larry Page is funding a pair of start-ups to develop flying cars, Zee.Aero and Kitty Hawk, though the companies have no official affiliation with GOOGL. 

Buzz Stocks June 9

Earnings and Economic Data

Weekly jobless claims is today's only notable economic report. On the earnings front, Francesca's (FRAN), H&R Block (HRB), J.M. Smucker (SJM), Mattress Firm (MFRM), and Vail Resorts (MTN) will step up to the plate. To see what is coming up on this week's schedule, click here

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