Dow Jones Industrial Average Futures Slip; Apple, Beige Book in Focus

Can Home Depot Earnings Give You an Edge on Lowe's?

Sep 7, 2016 at 9:19 AM
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Dow Jones Industrial Average (DJIA) futures are pointed lower, as traders eye oil prices and a busy day ahead. October-dated crude futures are down 0.3% at $44.70 per barrel, as leading oil producers remain split on how to curb the current supply glut. The Nasdaq Composite (COMP), however, is looking to outperform again, after closing at a record-high yesterday, and tech titan and Dow stock Apple Inc. (NASDAQ:AAPL) will be in the spotlight ahead of its highly anticipated event. Traders are also looking ahead to today's round of economic data, especially the Federal Reserve's Beige Book, which could provide more clues on the timing of the next rate hike. 

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

160907OV1

Futures on the Dow Jones Industrial Average (DJIA) are about 19 points below fair value.

5 Things You Need to Know Today
 

  1. Japan stocks ended the day lower, as a stronger yen weighed on exporters.
  2. The Chicago Board Options Exchange (CBOE) saw 990,330 call contracts traded on Tuesday, compared to 498,767 put contracts. The resultant single-session equity put/call ratio fell to 0.50 -- the lowest since July 30, 2015 -- while the 21-day moving average fell to 0.62.
  3. Facebook Inc (NASDAQ:FB) is set to open up 0.3%, after a price-target hike to $160 from Morgan Stanley, which represents a premium of 23% for the shares. The social media stock touched a record-high yesterday, but its lofty 14-day Relative Strength Index (RSI) of 74 is in overbought territory, suggesting a pullback could be in the short-term cards.
  4. Chipotle Mexican Grill, Inc. (NYSE:CMG) is sitting 5.4% higher ahead of the open, after activist investor Bill Ackman's Pershing Square disclosed a new 9.9% stake in the fast-casual chain. This is a much-needed boost for the stock, which has struggled to lure back customers over the last several months with a number of promotions.
  5. Ford Motor Company (NYSE:F) is up 0.4% in pre-market trading, after the automaker reported banner sales growth in China last month. The stock has struggled in 2016, down more than 10%, explaining the healthier-than-usual bearish appetite in the options pits of late.

Buzz Stocks Sept 7

Earnings and Economic Data

The Labor Department's Job Openings and Labor Turnover Survey (JOLTS). Among the companies due to report quarterly earnings are Francesca's (FRAN), FuelCell Energy (FCEL), and Hewlett Packard Enterprise (HPE). To see what else is coming up on this week's schedule, click here

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