Dow Jones Industrial Average Futures Point to Another Strong Start

Will Stocks Boom After July 4? Plus, the S&P 'Death Cross'

Jun 29, 2016 at 9:06 AM

Dow Jones Industrial Average (DJIA) futures are well above fair value again today, signaling another triple-digit pop at the open. Global stocks are continuing their recovery from last week's "Brexit" shock, and oil prices are still on the rise. Crude oil for August was last seen up 0.9% at $48.26 per barrel. On the economic front, U.S. personal income for May rose 0.2% -- a hair less than expected -- while consumer spending climbed 0.4% -- its second straight month of gains.

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

Will stocks boom after July 4? Schaeffer's Senior Quantitative Analyst Rocky White crunches the numbers.
A closer look at the "death cross" looming over the S&P 500 Index (SPX).
This Dow component rallied on the sale of financial assets, while its sector peer followed suit on an upbeat outlook.
Plus... Shinzo Abe steps up to the mic, a drugmaker nearly doubles, and Monsanto shakes off disappointing earnings.

Dow Futures June 29

Futures on the Dow Jones Industrial Average (DJIA) are 105 points above fair value.

5 Things You Need to Know Today

Global stocks are higher as "Brexit" fears fade, with Japan's Prime Minister Shinzo Abe calling for supportive measures if necessary.
The Chicago Board Options Exchange (CBOE) saw 770,826 call contracts traded on Tuesday, compared to 458,582 put contracts. The resultant single-session equity put/call ratio slid to 0.59, while the 21-day moving average rose to 0.69.
Athletic retailer Nike Inc (NYSE:NKE) is set to add 1.6% at the open, after the company's fiscal fourth-quarter earnings just surpassed expectations -- but Nike said future orders would be slower. Analysts have already begun to weigh in, however, with no fewer than nine brokerage firms lowering their price targets on the stock.
News that its ovarian cancer treatment met goals in a phase 3 trial had biotech stock TESARO Inc (NASDAQ:TSRO) surging as much as 91% in pre-market trading. The shares were last spotted up 75%, on pace to hit levels not seen since last July.
After initially dropping following the company's lackluster quarterly earnings report, shares of Monsanto Company (NYSE:MON) were last seen 0.2% higher in electronic trading, after reports that antitrust officials in Europe are planning a strict review of the company's potential $62 billion merger with German Bayer AG.

Buzz Stocks June 29 2

Earnings and Economic Data

The pending home sales index and the regularly scheduled crude inventories update will be released today. Among the companies set to release earnings are Acuity Brands (AYI), General Mills (GIS), and Pier 1 Imports (PIR). To see what else is coming up on this week's schedule, click here.

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