Dow Jones Industrial Average Futures Signal Triple-Digit Drop as 'Brexit' Sell-Off Continues

3 Bank Stocks Rewarding Option Bears Post-'Brexit' Vote

Jun 27, 2016 at 9:08 AM
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Dow Jones Industrial Average (DJIA) futures are more than 150 points below fair value, pointing to another rocky session following Friday's post-"Brexit" global sell-off. Goldman Sachs said the U.K. will likely enter a "mild recession" by early next year, following Britain's vote to leave the European Union (EU), and the brokerage firm cut its global growth forecast for 2016. Oil prices could also weigh on stocks, as crude future slip in sync with the rest of the market. At last check, crude oil for August was down 1.7% at $46.81 per barrel. Meanwhile, gold continues to rise as investors stick with safe-haven assets. August-date gold was last spotted at $1,336.30 an ounce -- in roughly two-year-high territory.

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

Dow Futures June 27

Futures on the Dow Jones Industrial Average (DJIA) are nearly 178 points below fair value.

5 Things You Need to Know Today
 

  1. Asian stocks bounced back, but European markets continue to sink as the pound pans 31-year-lows.
  2. The Chicago Board Options Exchange (CBOE) saw 835,430 call contracts traded on Friday, compared to 842,349 put contracts. The resultant single-session equity put/call ratio jumped to 1.01, while the 21-day moving average climbed to 0.67.
  3. Medical technology firm Medtronic PLC (NYSE:MDT) is set to drop 2.3% at the open, after announcing it will buy sector peer HeartWare International Inc (NASDAQ:HTWR). The $1.1 billion deal values HTWR at $58 per share -- a 93% premium over the stock's Friday close.
  4. Bristol-Myers Squibb Co's (NYSE:BMY) bladder cancer treatment, Opdivo, was given "breakthrough therapy" designation from the U.S. Food and Drug Administration (FDA). Despite the upbeat news, BMY is down 0.3% pre-market, as the broad-market slump weighs on the stock.
  5. Also sitting lower ahead of the bell is blue chip Intel Corporation (NASDAQ:INTC), off 0.7% despite reports the company may be looking to sell Intel Security -- formerly known as McAfee. Intel purchased the antivirus software nearly six years ago for $7.7 billion.

Buzz Stocks June 27


Earnings and Economic Data

The international trade balance is due out today, as well as the Dallas Fed manufacturing survey. The earnings front is relatively quiet. To see what else is coming up on this week's schedule, click here

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