Dow Jones Industrial Average Futures Point to Sixth Straight Day of Gains

Behind a 7-Figure Options Bet on JPMorgan Chase

Nov 14, 2016 at 9:09 AM
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Following last week's monster gainsDow Jones Industrial Average (DJIA) futures are above fair value, indicating a possible six-day winning streak and another round of record highs. As the post-election trends continue, however, the tech-heavy Nasdaq Composite (COMP) is once again lagging its peers, looking to open lower this morning. With no major earnings or economic reports on today's schedule, investors are digesting the latest news from President-elect Trump, who has appointed Republican National Committee Chairman Reince Priebus and Breitbart News CEO Steve Bannon to the roles of chief of staff and chief strategist, respectively. Even lower oil prices aren't weighing down stocks this morning, with December-dated crude slipping 1.8% to $42.61 per barrel -- nearing three-month-low territory -- as production-cut hopes waver ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna later this month.

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

Dow Futures November 14

Futures on the Dow Jones Industrial Average (DJIA) are 36 points above fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 1,178,997 call contracts traded on Friday, compared to 624,523 put contracts. The resultant single-session equity put/call ratio slipped to 0.53, while the 21-day moving average sat put at 0.68.
  2. Biotech stock Dynavax Technologies Corporation (NASDAQ:DVAX) is getting crushed after U.S. Food and Drug Administration (FDA) rejected its hepatitis B vaccine. The equity is set to open 72% lower, at the lowest level the shares have seen in nearly eight years. 
  3. Drugmaker Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP), meanwhile, is up nearly 100% ahead of the bell, looking to open just shy of its October record high. The jump comes after the company announced positive results in a phase 2 trial of its treatment for systemic connective tissue disease -- diverging with some recent pessimistic expectations for the drug.
  4. Microblogging concern Twitter Inc (NYSE:TWTR) is up 2% in pre-market trading, on news Jana Partners has taken a 2.9 million-share stake in the company. TWTR ended last week on a low note after a top exec hit the bricks.
  5. This week kicks off with speeches from Dallas Fed President Robert Kaplan, Richmond Fed President Jeffrey Lacker, and San Francisco Fed President John Williams. The week's earnings schedule begins with reports from Advanced Auto Parts (AAP), Autohome (ATHM), Pan American Silver (PAAS), and Zoe's Kitchen (ZOES).

Buzz Stocks Nov 14

Overseas Trading

Asian stocks finished mixed, as stocks reacted to a strengthening dollar and the latest round of economic data out of Japan and China. Japan's Nikkei tacked on 1.7%, as the yen continued to weaken, and after third-quarter gross domestic product (GDP) showed 2.2% year-over-year growth, topping expectations. Meanwhile, China's Shanghai Composite managed a win of 0.4% on mixed economic data, including better-than-expected fixed-asset investment numbers, though industrial output and retail sales figures missed expectations. Meanwhile, Hong Kong's Hang Seng finished in the red, down 1.4%, and South Korea's Kospi gave up 0.5%.

European stocks are also mixed at midday, as stocks eye a strengthening dollar and dropping oil prices. Also in focus is engineering giant Siemens AG, after the company announced plans to buy Mentor Graphics Corp (NASDAQ:MENT) for $4.5 billion. At last check, London's FTSE 100 and France's CAC 40 are both sitting on 0.2% leads, while Germany's DAX is up 0.3%. 

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