Dow Jones Industrial Average Futures Slip with Oil

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:

• The "very bullish" endorsement that sent steel stocks soaring. 
• The Elon Musk tweet that silenced recent Model 3 rumors. 
• While Dow stock UnitedHealth Group Inc (NYSE:UNH) jumped to all-time highs, this biotech stock had its worst day ever. 
• Plus... A surprise rate cut, why Apple could be headed back to court, and Larry Page's flying-car investment.

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. 

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. 

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check