Dow Jones Industrial Average Futures Lower After ECB, Jobless Claims

How Traders Are Playing Today's Huge Twitter Event

Sep 8, 2016 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are pointed slightly lower, as stocks react to the latest economic data and central bank news. Specifically, U.S. jobless claims dipped to a two-month low last week, echoing recent employment data, and the European Central Bank (ECB) chose to leave interest rates unchanged. The ECB decision has put pressure on the dollar, which has helped bolster October crude oil futures 1.7% to $46.28 per barrel, ahead of this afternoon's weekly inventories report. Meanwhile, the Nasdaq Composite (COMP) is also pointed lower ahead of the open, after closing at another all-time high yesterday.

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

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Futures on the Dow Jones Industrial Average (DJIA) are about 9 points below fair value.

5 Things You Need to Know Today
 

  1. European stocks are trading lower after the ECB's decision to leave interest rates unchanged.
  2. The Chicago Board Options Exchange (CBOE) saw 822,356 call contracts traded on Wednesday, compared to 468,161 put contracts. The resultant single-session equity put/call ratio rose 0.57, while the 21-day moving average stayed at 0.63.
  3. Nike Inc (NYSE:NKE) is on pace to open down 1.6%, even after yesterday's Apple Inc. (NASDAQ:AAPL) partnership. This morning, Piper Jaffray cut the athletic apparel maker to "neutral" from "overweight," citing increased competition from other brands such as Puma, New Balance, and Reebok.
  4. Tesla Motors Inc (NASDAQ:TSLA) is down 1.2% in pre-market trading, after Cowen and Company began coverage on the electric auto maker with an "underperform" rating and a price target of $160 -- a steep discount to Wednesday's close at $201.71. Additionally, as Elon Musk prepares to discuss the new "Autopilot 2.0" features, Tesla denied that Autopilot was to blame for a fatal accident just outside of Amsterdam
  5. Apple Inc. (NASDAQ:AAPL) is sitting down 0.5% before the bell, following yesterday's product event, where the tech giant revealed the iPhone 7 and newest versions of the Apple Watch. The products were met with mixed reactions -- including a downgrade to "market perform" at Wells Fargo this morning -- especially in light of controversial new features, such as the absence of a headphone jack in the new iPhone..

Buzz Stocks Sept 8

Earnings and Economic Data

Taking a turn in the earnings confessional will be Barnes & Noble (BKS), Conn's (CONN), Finisar (FNSR), and Zumiez (ZUMZ). To see what else is coming up on this week's schedule, click here

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