Dow Jones Industrial Average Futures Signal Triple-Digit Drop After Rosengren

The Energy Stock Up More Than 400%

Sep 9, 2016 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are signaling a triple-digit drop, as stocks react to a hawkish speech from Boston Fed President Eric Rosengren, who said delaying an interest rate hike poses risks to the U.S. economy. Traders are also waiting to hear from Federal Reserve Governor Daniel Tarullo and Dallas Fed President Rob Kaplan, both of whom will speak today. Meanwhile, oil prices are giving back some of yesterday's gains, with October-dated crude futures down 2.1% at $46.60 per barrel.

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

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Futures on the Dow Jones Industrial Average (DJIA) are about 103 points below fair value.

5 Things You Need to Know Today
 

  1. Stocks in South Korea were slammed, after North Korea tested another nuclear warhead and Samsung sank on concerns about exploding batteries.
  2. The Chicago Board Options Exchange (CBOE) saw 903,643 call contracts traded on Thursday, compared to 551,326 put contracts. The resultant single-session equity put/call ratio rose 0.61, while the 21-day moving average remained at 0.63.
  3. Kroger Co (NYSE:KR) is down 1% in electronic trading, after delivering its earnings report, and downwardly revising its 2016 outlook. The grocery giant missed on sales, but came in just above expectations for per-share earnings. KR is just the latest grocer to feel the effects of bearish sector headwinds.
  4. Chesapeake Energy Corporation (NYSE:CHK) is down 2.3% ahead of the open, even after an upgrade to "buy" from "hold" from Wunderlich Securities, which also raised its price target on the energy stock to $10 from $6. CHK hit a 2016 high yesterday, and is up over 60% in the last month, with help from surging oil prices.
  5. Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) is headed for a 13% gain out of the gate -- and could hit two-year highs -- after the company announced positive data on its diabetes treatment. Lexicon is just the latest biotech to report solid drug data this week.

Buzz Stocks Sept 9

Earnings and Economic Data

Wrapping up the week's lineup of earnings reports will be Hovnanian (HOV) and Mattress Firm Holding Corp (MFRM). To see what is coming up on next week's schedule, click here

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