Dow Jones Industrial Average Futures Drop; Microsoft in Focus

Futures on the Dow Jones Industrial Average (DJIA) are below fair value -- signaling an extension of last Friday's losses -- as anxiety sets in ahead of this week's interest-rate decisions from the Federal Open Market Committee (FOMC) and Bank of Japan (BoJ), as well as next week's highly anticipated "Brexit" vote in the U.K. Additionally, stocks will likely react to this morning's huge blue-chip buyout news, with Dow component Microsoft Corporation (NASDAQ:MSFT) saying it will purchase LinkedIn Corp (NYSE:LNKD) for $26.2 billion in cash. While shares of LNKD are up 49% ahead of the bell, MSFT stock is down 3.1%.

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

• Why this mining stock's breathtaking run may be far from over. 
• Is it time to buy Hormel Foods Corp (NYSE:HRL)? 
• The M&A buzz that sent this pharmacy stock soaring. 
• Plus... Global stocks sink, all eyes on Apple, and why one biotech is set to soar.

Futures on the Dow Jones Industrial Average (DJIA) are 42 points below fair value.

5 Things You Need to Know Today
 

1. A stronger yen sent Japan stocks spiraling, while "Brexit" fears are weighing on European benchmarks.
2. The Chicago Board Options Exchange (CBOE) saw 747,038 call contracts traded on Friday, compared to 608,020 put contracts. The resultant single-session equity put/call ratio rose to 0.81, while the 21-day moving average remained at 0.67. 
3. Shares of firearms manufacturers are headed higher this morning, following the deadliest mass shooting in U.S. history in Orlando, Florida, on Sunday. At last check, sector component Sturm, Ruger & Company (NYSE:RGR) was up 4.2% -- on pace to climb back atop this critical moving average.
4. Following last week's news of a big blue-chip partnership, Apple Inc. (NASDAQ:AAPL) will kick off its annual Worldwide Developers Conference (WWDC) today. The tech titan is expected to launch its new mobile operating system, iOS 10, and give updates on Siri and Apple Music. Ahead of the event, shares of AAPL are down 0.8%.
5. After disappointing data for its blood disorder treatment, AG-519, on Friday, Agios Pharmaceuticals Inc (NASDAQ:AGIO) over the weekend presented upbeat data on AG-348. This morning, both Canaccord Genuity and J.P. Morgan Securities upgraded the stock, sending the shares up 9% in electronic trading.

Earnings and Economic Data

There are no economic reports worth noting today. The earnings calendar is relatively empty, as well. To see what else is coming up on this week's schedule, click here. 

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