DJIA futures are signaling a triple-digit drop
Dow Jones Industrial Average (DJIA) futures are signaling a triple-digit drop at the open, as stocks react to weak trade data out of China and the latest unemployment stats. Specifically, Chinese exports fell by much more than expected last month, while weekly U.S. jobless claims remained near a 43-year low. This comes just a day after the
Fed's September meeting minutes revealed the U.S. economy could withstand a rate hike "relatively soon."
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are 115 points below fair value.
5 Things You Need to Know Today
- Disappointing data out of China sent Hong Kong stocks notably lower.
- The Chicago Board Options Exchange (CBOE) saw 537,188 call contracts traded on Wednesday, compared to 345,367 put contracts. The resultant single-session equity put/call ratio fell to 0.64, while the 21-day moving average stayed at 0.65.
- Wells Fargo & Co (NYSE:WFC) CEO John Stumpf has retired in the wake of the scandals that have rocked the firm in recent weeks. President and Chief Operating Officer Tim Sloan takes over as CEO for WFC, effective immediately. In the meantime, the stock is up 1.5% ahead of the open, as it fights back from its two-year lows from earlier this month.
- Also moving higher in pre-market trading is Sony Corp (ADR) (NYSE:SNE), as buzz begins to build surrounding the tech company's virtual reality headset, which goes on sale today. According to CNBC, Best Buy Co Inc (NYSE:BBY) and GameStop Corp. (NYSE:GME) had to open early to meet demand. SNE has already put in a solid 2016, gaining nearly 33%.
- Keeping this losing theme, blue chip Pfizer Inc. (NYSE:PFE) is down 1.3% ahead of the opening bell, on news the drugmaker lost its patent case in Britain for its pain drug Lyrica. At $33.07, PFE has already lost 11.6% since peaking at $37.39 back in August, with disappointing quarterly results initiating the downturn. Meanwhile, Jefferies downgraded to stock to "hold" from "buy."
Earnings and Economic Data
Import and export prices, weekly crude inventories, and the Treasury budget are also on today's economic docket. Philadelphia Federal Reserve President Patrick Harker is slated to speak in the afternoon. As for earnings, Progressive (PGR) and Taiwan Semiconductors (TSM) will be in the spotlight. To see what else is coming up on this week's schedule, click here.
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