Dow Jones Industrial Average Futures Point to a Seventh Daily Loss

The Only Reason to Buy Equity Index and ETF Puts Right Now

Aug 2, 2016 at 9:10 AM
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Dow Jones Industrial Average (DJIA) futures are below fair value this morning, putting the index on track to extend its losing streak to a seventh day, even as crude oil prices recover -- September-dated crude was last seen up 1.3% at $40.56 per barrel. Weighing on stocks this morning is disappointment over a much-anticipated stimulus package in Japan, which includes new infrastructure spending, as well as cash payouts to millions of low-income earners. Traders are also digesting a fresh round of earnings -- headlined by Dow stocks Pfizer Inc. (NYSE:PFE) and Procter & Gamble Co (NYSE:PG) -- and economic data, with personal income for the month of June rising less than expected, while consumer spending met estimates, rising 0.4%.

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

Dow Futures August 2

Futures on the Dow Jones Industrial Average (DJIA) are 19.5 points below fair value.

5 Things You Need to Know Today

  1. Stimulus concerns weighed on Asia, while banking stocks in Europe took another day of hard hits.
  2. The Chicago Board Options Exchange (CBOE) saw 740,096 call contracts traded on Monday, compared to 530,680 put contracts. The resultant single-session equity put/call ratio jumped to 0.72, while the 21-day moving average remained at 0.63.
  3. Beverage concern Sodastream International Ltd (NASDAQ:SODA) is up more than 17% in pre-market trading, on pace to open at a new annual high. The company reported second-quarter earnings and revenue well above analysts' estimates.
  4. Drugmaker Pfizer Inc. (NYSE:PFE) also beat on both top and bottom line results, but the shares are off 1.1% ahead of the bell. The stock hit a 12-year high Monday after the company announced it will purchase gene therapy firm Bamboo Therapeutics Inc.
  5. Strong fiscal third-quarter results and an upbeat full-year outlook have biotech issue Mallinckrodt PLC (NYSE:MNK) up nearly 7% in electronic trading. The company's Acthar sales climbed 11% year-over-year for the period, while MNK stock has shed nearly half its value in the past 12 months.

Buzz Stocks August 2

Earnings and Economic Data

Dallas Fed President Rob Kaplan will speak in Beijing, while at home, the economic docket includes July auto sales.

Earnings reports are expected from Fitbit (FIT)First Solar (FSLR), Aetna (AET), Archer Daniels Midland (ADM), CVS (CVS), Etsy (ETSY),Glu Mobile (GLUU), Honda Motor Co (HMC), Intrepid Potash (IPI), La Quinta Holdings (LQ), LifeLock (LOCK), Molson Coors Brewing (TAP), Mosaic Co (MOS)Norwegian Cruise Line (NCLH)Papa John's (PZZA)Qorvo (QRVO), Royal Caribbean Cruises (RCL), Shire (SHPG),  Tableau Software (DATA), and Zagg Inc (ZAGG). To see what's coming up on this week's schedule, click here

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