Dow Jones Industrial Average Futures Up After BoJ; Fed On Deck

Dow Jones Industrial Average (DJIA) futures are signaling a higher start to the day, as traders prepare for the highly anticipated Fed policy announcement this afternoon. Investors are expecting interest rates to hold steady until at least the Fed's December meeting. Meanwhile, U.S. stocks are poised to follow foreign markets higher, after the Bank of Japan (BoJ) announced a policy overhaul to focus on Japanese bonds. 

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

• The S&P 500 Index (SPX) warning sign not seen since 2014, according to Schaeffer's Senior Quantitative Analyst Rocky White.
• The index switcheroo that sent this Apple Inc. (NASDAQ:AAPL) supplier soaring.
• Even the new Karma drone couldn't keep GoPro Inc (NASDAQ:GPRO) from falling back to Earth.
• Plus... Asian stocks soar, Wells Fargo hears some harsh words, and Adobe gets a lift.

Futures on the Dow Jones Industrial Average (DJIA) are about 67 points above fair value.

5 Things You Need to Know Today
 

1. Asian stocks ended higher, after the BoJ announced a policy revision to focus on the yield curve of 10-year government bonds, while leaving the deposit rate the same.
2. The Chicago Board Options Exchange (CBOE) saw 608,669 call contracts traded on Monday -- the fewest since July 5 -- compared to 402,876 put contracts. The resultant single-session equity put/call ratio rose to 0.66, while the 21-day moving average fell to 0.63.
3. Clovis Oncology Inc (NASDAQ:CLVS) is up 8.5% in electronic trading, after another round of analyst attention. Credit Suisse upgraded the biotech to "outperform" from "neutral," while also raising its price target to $41 from $19, and calling the stock a potential takeover target. Stifel also hiked its target price by 50% to $45.
4. Wells Fargo & Co (NYSE:WFC) is down 0.4% ahead of the bell, as the financial firm continues to dominate headlines after yesterday's Senate Banking Committee hearing. CEO John Stumpf was harshly criticized by Senator Elizabeth Warren, who took the exec to task over shady business practices, and called for his resignation. Adding salt to the stock's wounds, JPMorgan Securities downgraded WFC to "neutral" from "overweight," and slashed its price target to $48 from $53.50. 
5. Adobe Systems Incorporated (NASDAQ:ADBE) is poised to open up 5% -- and could hit a record high -- after issuing an earnings beat and optimistic current-quarter forecast last night. The software stock has since been the subject of intense analyst attention, with no fewer than 11 price-target hikes issued, including a bump to $130 from $122 by UBS.

Earnings and Economic Data

The Fed's highly anticipated policy announcement will take center stage at 2 p.m. ET, with Fed Chair Janet Yellen's press conference at 2:30. In addition, the regularly scheduled crude inventories report will hit the Street. Bed Bath & Beyond (BBBY), CarMax (KMX), General Mills (GIS), and Red Hat (RHT) earnings are slated for release. To see what else is coming up on this week's schedule, click here.