Dow Jones Industrial Average Futures Higher Ahead of Manufacturing Data

Is It Time to Dump Utilities?

Sep 1, 2016 at 9:05 AM
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Dow Jones Industrial Average (DJIA) futures are pointed slightly higher ahead of the open, with the Dow attempting to shake off its first monthly loss since January ahead of a slew of economic reports due out today -- including Markit's manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing index. Already being digested by traders is a smaller-than-forecast rise in weekly jobless claims, which is giving stocks an early boost before the official start of trading. 

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

090116OV1

Futures on the Dow Jones Industrial Average (DJIA) are about 33 points above fair value.

5 Things You Need to Know Today
 

  1. European stocks are headed up at midday, thanks to recovering oil prices.
  2. The Chicago Board Options Exchange (CBOE) saw 666,219 call contracts traded on Wednesday, compared to 468,917 put contracts. The resultant single-session equity put/call ratio rose to 0.70, while the 21-day moving average rose to 0.62.
  3. Cloud computing specialist Salesforce.com, inc (NYSE:CRM) is set to open down 7%, after the company released a delayed earnings report last night, which included a soft third-quarter revenue forecast. Since releasing its quarterly results, no fewer than six brokerage firms have issued price-target cuts for CRM, including a cut to $85 from $100 by Mizuho.
  4. Wynn Resorts, Limited (NASDAQ:WYNN) is up 4.3% in pre-market trading, following the news that monthly gambling revenue in Macau -- where WYNN operates one of its properties -- is up for the first time in two years. After completing a triple-top near the $104 level earlier this month, the casino stock has lately been testing support around the $88 area.
  5. Deutsche Bank AG (USA) (NYSE:DB) is poised to jump 3.7% at the open as its corporate conference kicks off. The financial stock, which has struggled this year, is rallying on rumors of a merger with Commerzbank AG -- although German financial watchdogs are warning that if such a merger did occur, it would hardly be a panacea for European financial woes.

Buzz stocks September 1 2016

Earnings and Economic Data

Today's busy economic calendar includes motor vehicle sales and construction spending. Additionally, Cleveland Fed President Loretta Mester will take the podium at midday. Ambarella (AMBA)Broadcom (AVGO), Campbell Soup (CPB), Joy Global (JOY), Smith & Wesson (SWHC), Vera Bradley (VRA), VeriFone Systems (PAY), and Lululemon Athletica (LULU) will step up to the earnings mic. To see what else is coming up on this week's schedule, click here

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