DJIA futures are signaling a lower start, as traders look ahead to next week's Fed meeting
Dow Jones Industrial Average (DJIA) futures are signaling a lower start to the day, as stocks react to the consumer price index (CPI), which rose more than expected in August. The inflation data comes just days ahead of the highly anticipated Fed meeting, though most on Wall Street aren't expecting a September rate hike. However, Dow stock Intel Corporation (INTC) is helping the index chip away at its deficit, after the company upped its quarterly revenue guidance.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are about 76 points below fair value.
5 Things You Need to Know Today
- European bank stocks are sliding on news of a $14 billion fine by the U.S. Department of Justice against German-based Deutsche Bank AG (USA) (NYSE:DB).
- The Chicago Board Options Exchange (CBOE) saw 949,130 call contracts traded on Thursday, compared to 667,398 put contracts. The resultant single-session equity put/call ratio rose to 0.70, while the 21-day moving average remained at 0.65.
- Oracle Corporation (NYSE:ORCL) is down 3.1% in electronic trading, after last night's earnings miss, where the tech firm reported weaker-than-expected earnings and revenue. ORCL also forecast lower-than-anticipated quarterly profit, but said it is on track to hit $2 billion in cloud services and platform sales by the end of 2016. While BMO and RBC issued price-target cuts to $46 and $42, respectively, Nomura issued a price-target hike to $45.
- Novavax, Inc. (NASDAQ:NVAX) is the latest biotech on the move, with shares plummeting 85.9% ahead of the open -- set for their worst day ever -- after the biotech's phase 3 trial of its respiratory vaccine missed efficacy objectives. The stock is set to open at a four-year low, to the delight of short sellers.
- GoPro Inc (NASDAQ:GPRO) is sitting 3.5% higher ahead of the bell, as the wearable-camera maker prepares for Monday's product launch, where it will unveil its highly anticipated drone. GPRO has added nearly 31% so far this quarter, and seems to have found an ally atop its 40-week moving average.
Earnings and Economic Data
The consumer sentiment report and Treasury International Capital (TIC) data are also scheduled for release. There are no notable companies reporting earnings. To see what is coming up on next week's schedule, click here.
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