Dow Jones Industrial Average Futures Look Up After Inflation Data

The 'Best Idea' Biotech Expected to Triple

Aug 29, 2016 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are poised to open cautiously higher, as traders digest Friday's highly anticipated speech from Fed Chair Janet Yellen, who said the case for raising interest rates had strengthened in recent months. Stocks are also reacting to the latest economic data, as consumer spending rose 0.3% in July -- a fourth straight monthly uptick -- while personal income rose 0.4%. The personal consumption expenditures (PCE) index -- a Fed-watched gauge of inflation -- was flat last month, though the core index (which excludes food and energy costs) rose 0.1%.

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

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Futures on the Dow Jones Industrial Average (DJIA) are about 16 points above fair value.

5 Things You Need to Know Today
 

  1. Japanese stocks surged on dovish remarks from Bank of Japan Governor Haruhiko Kuroda.
  2. The Chicago Board Options Exchange (CBOE) saw 807,128 call contracts traded on Friday, compared to 587,221 put contracts -- the most puts exchanged since July 28. The resultant single-session equity put/call ratio fell to 0.73, while the 21-day moving average remained at 0.62.
  3. Micron Technology, Inc. (NASDAQ:MU) is set to open up 1.7%, following two price-target hikes from Stifel and Deutsche Bank, to $18 and $20 from $15, respectively. This is just the latest upbeat analyst attention to come the semiconductor stock's way , as the stock explores year-to-date highs amid sector tailwinds.
  4. Square Inc (NYSE:SQ) is down 1.6% ahead of the opening bell, following a downgrade to "neutral" from "buy" by BTIG. BTIG said the payment processing specialist is now fairly valued after an impressive summer and upbeat earnings report earlier this month, and removed its $12 price target on the stock.
  5. Harley-Davidson Inc (NYSE:HOG) is set to drop 3% out of the gate, after Longbow cut the motorcycle giant to "underperform," after finding a low number of wholesale shipments. Although HOG has clawed its way to a 16% gain so far in the third quarter, analysts seem to be losing faith.

 

Buzz Stocks Aug 29

Earnings and Economic Data

The Dallas Fed manufacturing survey is due out today. The earnings calendar is bare. To see what else is coming up on this week's schedule, click here

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