Dow Jones Industrial Average Futures Higher; Retail in Focus

The Biotech Analysts Expect to Double

by Celeste Taylor

Published on Aug 11, 2016 at 9:16 AM
Updated on Aug 11, 2016 at 9:35 AM

Dow Jones Industrial Average (DJIA) futures are pointed higher, as traders digest a slew of upbeat earnings reports from retailers, including Macy's Inc (NYSE:M) and Kohl's Corporation (NYSE:KSS). Stocks are also reacting to a drop in weekly jobless claims, which have been below the 300,000 level for 75 straight weeks, marking the lengthiest streak in more than 45 years. However, traders continue to eye oil prices; September-dated crude futures are currently down 0.4% at $41.55 per barrel, as excess U.S. stockpiles and ballooning output from Saudi Arabia spark worries of a global glut. 

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

160811OV1


Futures on the Dow Jones Industrial Average (DJIA) are 52 points above fair value.


5 Things You Need to Know Today
 

  1. European stocks are down, due to sliding oil prices and downbeat housing data out of the U.K.
  2. The Chicago Board Options Exchange (CBOE) saw 737,217 call contracts traded on Wednesday, compared to 458,047 put contracts. The resultant single-session equity put/call ratio rose to 0.62, while the 21-day moving average rose to 0.63.
  3. Alibaba Group Holding Ltd (NYSE:BABA) is set to jump 5.1% out of the gate to a fresh annual high, after the Chinese e-commerce company reported an earnings beat this morning. Increased online sales traffic, as well as strong growth in its cloud business, helped boost BABA's fiscal first-quarter revenue 59% year-over-year. 
  4. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is once again making headlines, amid reports from The Wall Street Journal that federal prosecutors have opened a criminal investigation to determine whether or not VRX defrauded its insurers by concealing ties to a specialty online pharmacy, Philidor Rx Services, to increase sales. The biotech stock is set to open down 7%.
  5. In addition to reporting earnings that topped the consensus estimate, retailer Macy's Inc (NYSE:M) announced it will be closing 100 stores nationwide. M shares have jumped 10.6% in pre-market trading, but could run out of steam at this key technical level.

 

Buzz Stocks August 11

Earnings and Economic Data

Import and export prices will hit the Street today. Reporting earnings are Brinker International (EAT), Kohl's (KSS), Nordstrom (JWN)NVIDIA (NVDA)Royal Gold (RGLD), and Sunrun (RUN). To see what else is coming up on tomorrow's schedule, click here

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.
Google Postpones Android Reveal, "Now is Not the Time to Celebrate"
"Now is not the time to celebrate," Google said in a message on its website
ZNGA Zooms to 8-Year High on Billion-Dollar Deal
ZNGA is planning to buy Peak for $1.8 billion
Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....