Dow Jones Industrial Average Futures Lower After Fed Comments

S&P's Historically Worst Week Is Around the Corner

Sep 12, 2016 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are signaling a lower start to the week, as stocks struggle to regain their footing after the worst session since the "Brexit" bloodbath. Rate-hike chatter and drooping crude oil prices remain in focus, with October-dated crude futures down 2.1% at $44.91 per barrel. While Minneapolis Fed President Neel Kashkari told CNBC that there "doesn't appear to be a huge urgency to do anything," Atlanta Fed President Dennis Lockhart  said a "serious discussion" on rate hikes needs to be had at the Fed's key meeting next week. Later, Fed Governor Lael Brainard is set to deliver remarks. 

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


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Futures on the Dow Jones Industrial Average (DJIA) are about 57 points below fair value.

5 Things You Need to Know Today
 

  1. Dropping crude oil prices and Fed fears are weighing on European stocks, which are headed towards their worst day since the post-"Brexit" pandemonium. 
  2. The Chicago Board Options Exchange (CBOE) saw 1,125,556 call contracts traded on Friday -- the most since April 27 -- compared to 883,019 put contracts, the most since Feb. 19. The resultant single-session equity put/call ratio rose to 0.78 -- the highest reading since June 27, the Monday after the "Brexit" vote -- while the 21-day moving average rose to 0.64.
  3. Amazon.com, Inc. (NASDAQ:AMZN) is set to drop 0.5% at the open, amid a wider tech swoon that includes Facebook Inc (NASDAQ:FB), Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), and more. As chatters of "pop up" Amazon stores grows, the e-tail giant is also said to be preparing to launch an improved version of its music streaming service soon, according to The New York Times.
  4. Potash Corporation of Saskatchewan (USA) (NYSE:POT) is set to open up 2.7%, after confirming rumors that it will be merging with Agrium Inc. (USA) (NYSE:AGU). The all-stock deal will create a company worth approximately $36 billion. 
  5. Perrigo Company plc Ordinary Shares (NYSE:PRGO) is up 4.3% in electronic trading, after activist Starboard Value disclosed a 4.6% stake in the drugmaker. According to a Starboard letter written to PRGO's CEO and board, Starboard believes PRGO is undervalued with significant opportunities, and management needs to do a lot more -- including consider the sale of non-core assets -- to turn the stock's price around.  

 

Buzz Stocks Sept 12

Earnings and Economic Data

There are no notable economic reports slated for release. United Natural Foods (UNFI) will head to the earnings booth. To see what else is coming up on this week's schedule, click here

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