Dow Jones Industrial Average Futures Slip as Oil Takes a Breather

Yellen: This Firm's Management Must 'Be Held Accountable'

Sep 29, 2016 at 9:13 AM
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Dow Jones Industrial Average (DJIA) futures are signaling a lower start for stocks, as oil pares yesterday's gains inspired by reports of an Organization of the Petroleum Exporting Countries (OPEC) agreement to cut output. After oil prices enjoyed their best session since April, November-dated crude futures were last seen 0.3% lower at $46.91 per barrel, as doubts about longevity and enforcement of the deal emerge. Outside of oil, the Fed will remain in focus; Kansas City Fed President Esther George this morning advocated removing some accommodation, and Fed Chair Janet Yellen will participate in a conversation at the Kansas City Fed's Minority Bankers Forum. Meanwhile, weekly jobless claims came in lower than expected, and second-quarter gross domestic product (GDP) growth was upwardly revised to 1.4%.

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

160929OV1

Futures on the Dow Jones Industrial Average (DJIA) are about 39 points below fair value.

5 Things You Need to Know Today
 

  1. Energy stocks led the advance in Asia, as traders celebrated an OPEC deal.
  2. The Chicago Board Options Exchange (CBOE) saw 784,449 call contracts traded on Wednesday, compared to 508,014 put contracts. The resultant single-session equity put/call ratio rose to 0.65, while the 21-day moving average rose to 0.64.
  3. Intra-Cellular Therapies Inc (NASDAQ:ITCI) is headed for a 64% drop out of the gate, after the company's lead drug -- schizophrenia treatment ITI-007 -- failed a key study. In a reversal from this time last year, a handful of analysts are issuing negative notes, with SunTrust Robinson downgrading ITCI to "neutral" from "buy" and slashing its price target to $15 from $60.
  4. PepsiCo, Inc. (NYSE:PEP) is sitting up 2.8% ahead of the bell, after an earnings beat and upwardly revised full-year guidance. The food and beverage stock is set to open within a chip-shot of its July record highs, and credited the strong quarter to an increased demand for snack food and drinks, as well as the popularity of its "guilt-free" snack options.
  5. Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) is set to open up 5.4%, after the semiconductor firm reiterated its third-quarter forecast and second-half business outlook. In addition, Roth Capital initiated coverage on HIMX with a "buy" rating and $10 price target -- a welcome bit of analyst attention after a downgrade and price-target slash by Nomura sent the stock tumbling earlier this week.

 

Buzz Stocks Sept 29

Earnings and Economic Data

Pending home sales and international trade data will also be released. Philadelphia Fed President Patrick Harker, Atlanta Fed President Dennis Lockhart, and Fed Board Governor Jerome Powell will all speak throughout the day, as well. To see what else is coming up on this week's schedule, click here

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