Dow Jones Industrial Average Futures Plunge, Gold Hits New Highs

An Insider's Guide to Profiting from Volatility

Jul 6, 2016 at 9:05 AM
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Dow Jones Industrial Average (DJIA) futures are signaling another negative start to the day, as traders continue to flee stocks amid global growth concerns following Britain's decision to leave the European Union (EU). While the Dow braces for a plunge at the open, demand for apparent safe-haven assets is booming, with yields on 30-year U.S. bonds hitting record lows. Moreover, gold prices are at two-year highs on renewed "Brexit" concerns, with August-dated gold futures last seen 1.1% higher at $1,373.90 per ounce. Adding to the market noise, traders will have to sift through the Federal Open Market Committee's (FOMC) June meeting minutes when they're released this afternoon. 

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

U.S. Stock futures July 6

Futures on the Dow Jones Industrial Average (DJIA) are almost 86 points below fair value. 

5 Things You Need to Know Today

  1. The British pound dipped to fresh lows, sparked by the temporary suspension of three U.K. real estate funds. 
  2. The Chicago Board Options Exchange (CBOE) saw 591,119 call contracts traded on Tuesday, compared to 432,070 put contracts. The resultant single-session equity put/call ratio jumped to 0.73, while the 21-day moving average moved up to 0.69.
  3. Pharmacy chain Walgreens Boots Alliance Inc (NASDAQ:WBA) dropped 3.4% in the session following its last earnings release in April. This time, WBA is signaling a 0.9% drop, after the company reported disappointing fiscal third-quarter revenue. The stock has recently struggled to top its year-to-date breakeven level, with the 320-day moving average also blocking breakout attempts since June. 
  4. Netflix, Inc. (NASDAQ:NFLX) is being treated to another round of downbeat analyst attention this morning, after Jefferies initiated coverage with an "underperform" rating and $80 price target -- well below the stock's Tuesday settlement at $97.91. The brokerage firm cited challenges to international subscriber growth, saying it may take longer than expected to hit long-term targets. 
  5. With demand for the precious metal rising, it's looking like another big day for gold-tracking securities. For instance, the Market Vectors Gold Miners ETF (GDX) has added another 2.2% in electronic trading, following its strong performance on Tuesday. The SPDR Gold Trust ETF (GLD) and the iShares Silver Trust ETF (SLV) are also making notable pre-market moves to the upside. 

Buzz Stocks July 6_2

Earnings and Economic Data

The Institute for Supply Management's (ISM) non-manufacturing index and international trade data will also come out today. WBA is the only notable company reporting earnings. To see what else is coming up on this week's schedule, click here

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