DJIA futures are higher ahead of this afternoon's policy announcement from the FOMC
The
Dow Jones Industrial Average (DJIA) could be on pace to snap its
four-session losing streak, with futures trading above fair value. Anticipation is on the rise ahead of today's policy announcement from the Federal Reserve, due at 2 p.m. ET. While
expectations are low the central bank will announce any changes to the status quo, speculators will thoroughly dissect Fed Chair Janet Yellen's subsequent press conference and the release of the "dot plot" for clues as to when the Fed may implement future rate hikes.
Ahead of this afternoon's events, stocks will likely react to a slightly wider-than-expected rise in the producer price index (PPI), as well as a rebound in the Empire State manufacturing index. Meanwhile, July-dated crude futures have plunged 1.4% to $47.80 per barrel ahead of today's inventories report, while "Brexit" uncertainty continues to swirl.
Continue reading for more on today's market, including:

Futures on the Dow Jones Industrial Average (DJIA) are more than 41 points above fair value.
5 Things You Need to Know Today
- Chinese stocks popped despite getting snubbed by MSCI, while European markets are up big, shaking off "Brexit" fears.
- The Chicago Board Options Exchange (CBOE) saw 686,208 call contracts traded on Tuesday, compared to 540,641 put contracts. The resultant single-session equity put/call ratio rose to 0.79, while the 21-day moving average edged down to 0.66.
- Fred Salerno, Viacom, Inc.'s (NASDAQ:VIAB) lead independent director, sent a letter to Sumner Redstone begging for a meeting with the controlling (yet reclusive) shareholder -- and threatening further litigation if he remains inaccessible. Legal battles have heated up around the 93-year-old Redstone amid fears that the recent ouster of board members results from the manipulation of his daughter.
- A likely tragedy has struck at Walt Disney Co's (NYSE:DIS) Seven Seas Lagoon in Orlando, Florida, as an alligator dragged a toddler into the water. The child's body has yet to be recovered.
- While McDonald's Corporation (NYSE:MCD) stock looks poised for a contrarian bounce, the restaurant chain may soon be be forced to pull M&Ms from its McFlurry beverages. Candy maker Mars Inc is reportedly in talks with MCD and other partners regarding the matter, due to concerns about excessive sugar in foods.

Earnings and Economic Data
Industrial production numbers and the regularly scheduled update on crude inventories will be released today. Ctrip.com International (CTRP) and Jabil Circuit (JBL) will hit the earnings stage. To see what else is coming up on this week's schedule, click here.
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