Dow Jones Industrial Average Futures Plummet with Bond Yields

Dow Futures Rocked; Plus, Icahn 'Definitely Would Not Buy' This Drugmaker

Jun 10, 2016 at 9:10 AM
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The Dow Jones Industrial Average (DJIA) is signaling an ugly start to the day, as turmoil in global bond markets has stocks trading sharply lower. On top of next week's Fed and Bank of Japan (BoJ) policy meetings, traders are considering growing "Brexit" fears with a vote just two weeks away, sending bond yields in Germany and Japan tumbling. Meanwhile, oil prices are falling amid a strengthening dollar, with July-dated crude futures last seen 1.2% lower at $49.95 per barrel. The Dow is eyeing a second straight loss as a result, with futures trading far below fair value. 

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

U.S. Stock Futures June 10

Futures on the Dow Jones Industrial Average (DJIA) are trading 99 points below fair value. 

5 Things You Need to Know Today
 

  1. Stocks and bond yields across the globe are getting crushed amid growing "Brexit" fears
  2. The Chicago Board Options Exchange (CBOE) saw 620,328 call contracts traded on Thursday, compared to 446,348 put contracts. The resultant single-session equity put/call ratio rose to 0.72, while the 21-day moving average edged down to 0.67. 
  3. Tesla Motors Inc (NASDAQ:TSLA) is refuting claims by the National Highway Traffic Safety Administration (NHTSA) that there are safety defects with the suspensions in its Model S or Model X. A government official on Thursday said regulators were reviewing reports of problems associated to the vehicles. This comes after CEO Elon Musk shut down different rumors earlier in the week, and now TSLA is edging lower ahead of the open. 
  4. Another brokerage firm is praising Amazon.com, Inc.'s (NASDAQ:AMZN) web services unit, as William Blair cited the business segment as the primary driver behind its fresh "outperform" rating. However, AMZN is still in the red in pre-market trading, as the stock lets off steam following Monday's record high of $731.50. 
  5. Semiconductor stock Applied Materials, Inc. (NASDAQ:AMAT) has been on fire this year, picking up 31% year-to-date. This hot streak is set to continue today, as the stock moves higher ahead of the open after the company announced a $2 billion share repurchase program and cash dividend. 

Buzz Stocks June 10


Earnings and Economic Data

The preliminary Thomson Reuters/University of Michigan consumer sentiment survey for June and the Treasury budget will hit the Street today. Meanwhile, there are no notable earnings reports set to be released. To see what is coming up on next week's schedule, click here

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