Dow Jones Industrial Average Futures Signal Fresh Highs

We Haven't Seen This Kind of Momentum Since 2009

by Karee Venema

Published on Jul 15, 2016 at 9:11 AM
Updated on Jul 15, 2016 at 12:05 PM

The Dow Jones Industrial Average (DJIA) seemingly can't be stopped. Following yet another record-setting session on Thursday, Dow futures are trading north of fair value at last check, on pace for a sixth straight win. Stocks are reacting to solid economic data out of China and strong earnings for financial giant Citigroup Inc (NYSE:C). Elsewhere, retail sales jumped 0.6% in June, while the consumer price index (CPI) rose for a fourth straight month, edging 0.2% higher. Oil prices are also on the rise, with August-dated crude futures up 0.9% at $46.11 per barrel. All of this is collectively helping to overshadow a suspected terrorist attack in Nice, France -- which has shares of travel firms paring recent gains -- where more than 80 people were killed.

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

Dow futures July 15

Futures on the Dow Jones Industrial Average (DJIA) are 34 points above fair value.

5 Things You Need to Know Today

  1. A 6.7% year-over-year jump in China's gross domestic product (GDP) -- and a slew of other impressive reports -- failed to lift the Shanghai Composite, while European stocks are lower in the wake of the deadly attack in France.
  2. The Chicago Board Options Exchange (CBOE) saw 993,624 call contracts traded on Thursday, compared to 528,928 put contracts. The resultant single-session equity put/call ratio fell to 0.53, while the 21-day moving average edged down to 0.66.
  3. Shares of ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) are down nearly 21% ahead of the bell, after a patient enrolled in the drugmaker's gene therapy treatment study died. It's already been a tough year for ZIOP stock, and today's projected price move could send the shares to a new annual low.
  4. Wells Fargo downgraded NVIDIA Corporation (NASDAQ:NVDA) to "underperform" from "market perform," citing increased competition from fellow chipmakers Advanced Micro Devices, Inc. (NASDAQ:AMD) and Intel Corporation (NASDAQ:INTC). Despite a separate "buy" initiation from Mizuho, shares of NVDA are lower ahead of the bell, on track to retreat from record-high territory.
  5. Shares of Line Corp (ADR) (NYSE:LN) are set to open on their second day of trading with a 1.6% gain. The Japanese messaging app surged in its Wall Street and Tokyo debuts -- bringing its valuation to $8.6 billion, and making it the biggest tech IPO of the year.

Buzz Stocks July 15

Earnings and Economic Data

The week wraps up with the the Empire State manufacturing survey, industrial production numbers, business inventories, and the Thomson Reuters/University of Michigan consumer sentiment index. PNC Financial (PNC), U.S. Bancorp (USB), and Wells Fargo (WFC) will step in the earnings spotlight. To see what is on next week's schedule, click here

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