Dow Jones Industrial Average Futures Cautiously Higher Ahead of Yellen

Will the Election Hurt 4Q Returns?

by Andrea Kramer

Published on Sep 28, 2016 at 9:18 AM

Dow Jones Industrial Average (DJIA) futures are modestly higher, as stocks prepare for a busy day. Traders will be hunting for rate-hike clues, with Fed Chair Janet Yellen leading a pack of central bank speakers in the spotlight; the Fed chief will testify before the House Committee on Financial Services later this morning. Meanwhile, November-dated crude futures are up 0.9% at $45.09 per barrel, ahead of an unofficial Organization of the Petroleum Exporting Countries (OPEC) meeting, though hopes for a production-freeze agreement have faded recently. On the data front, durable goods orders were flat in August, and core capital goods rose for a third straight month, bucking expectations for a drop.

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

Dow Futures September 28

Futures on the Dow Jones Industrial Average (DJIA) are about 15 points above fair value.

5 Things You Need to Know Today
 

  1. Stocks in Japan were hit by a strengthening yen.
  2. The Chicago Board Options Exchange (CBOE) saw 750,006 call contracts traded on Tuesday, compared to 465,212 put contracts. The resultant single-session equity put/call ratio fell to 0.62, while the 21-day moving average dipped to 0.63.
  3. BlackBerry Ltd (NASDAQ:BBRY) announced it will stop making its signature smartphone, choosing instead to outsource the mobile device. On the earnings front, the company bested analysts' expectations for a 5-cent quarterly loss, breaking even on better-than-expected sales -- and sending the stock 2.8% higher pre-market, to the delight of option bulls.
  4. SABMiller and Anheuser Busch Inbev SA (ADR) (NYSE:BUD) shareholders greenlighted the $105 billion merger between the two beer companies. The tie-up is the largest ever in the consumer products industry, and will create the biggest beer firm in the world.
  5. Wal-Mart Stores, Inc. (NYSE:WMT) is reportedly in talks with fast-growing Indian e-tailer Flipkart about purchasing a minority stake. This potential move would echo the big-box retailer's recent acquisition of Jet.com, as the company aims to flex its e-commerce muscle against rival Amazon.com, Inc. (NASDAQ:AMZN).

Buzz Stocks Sept 28

Earnings and Economic Data

Wall Street will digest weekly crude inventories. Along with Yellen, among those expected to speak are Neel Kashkari once again, St. Louis Fed President James Bullard, Chicago Fed President Charles Evans, Cleveland Fed President Loretta Mester, and Kansas City Fed President Esther George. For earnings, Pier 1 Imports (PIR) will report. To see what else is coming up on this week's schedule, click here

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