Dow Jones Industrial Average Futures Point to New Highs

Dow Jones Industrial Average (DJIA) futures are above fair value -- and the Dow could be on track for another record-setting session. Stocks are rising with copper prices on hopes that central banks around the globe are prepared to issue fresh stimulus measures. Traders will also be keeping a close eye on oil prices -- with August-dated crude futures down 0.9% at $46.40 per barrel, ahead of today's weekly inventories update -- while import and export prices edged higher in June. However, both metrics remain lower on a year-over-year basis.

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

• What the S&P 500 Index's (SPX) hard-won record high means for stocks, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.
• The drug stock that's "getting very interesting for investors."
• Why bargain-hunting option buyers should take note of this tech stock and this steel magnate.
• Plus...David Cameron bids adieu, 2 biotechs eyeing big moves, another Valeant shareholder bows out.

5 Things You Need to Know Today
 

1. Global stocks continued to move higher, although London's FTSE 100 is underperforming ahead of David Cameron's official resignation as prime minister.
2. The Chicago Board Options Exchange (CBOE) saw 921,353 call contracts traded on Tuesday, compared to 542,039 put contracts. The resultant single-session equity put/call ratio edged up to 0.59, while the 21-day moving average fell to 0.68.
3. The Food and Drug Administration (FDA) has allowed drugmaker Juno Therapeutics Inc (NASDAQ:JUNO) to resume its study of a leukemia treatment that was halted last week amid a fatal development. Shares of JUNO are up 24% in electronic trading.
4. Reports of a big biotech partnership earlier this week failed to lift Kite Pharma Inc (NASDAQ:KITE), but the shares are up 7% this morning. Boosting KITE in pre-market trading is a price-target hike to $74 from $63 at Stifel.
5. Sequoia Fund told clients it had completely exited its position in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) by mid-June. "Valeant was our largest position to start the year and its 80 percent decline through June 30 badly penalized our results," stated a letter signed by the fund's investment committee. Nevertheless, VRX is relatively stable in pre-market action, and has added 15.3% so far in July, closing last night at $23.22 -- and some think that's just the beginning of VRX's comeback.

Earnings and Economic Data

Today's lineup includes the weekly crude inventories report, the Treasury budget, and the Fed's Beige Book, along with a speech from Philadelphia Fed President Patrick Harker. CSX Corporation (CSX) and Yum! Brands (YUM) will tell all in the earnings confessional. To see what else is on this week's schedule, click here.