DJIA futures are indicating a fresh run to record highs could be ahead for the large-cap index
Dow Jones Industrial Average (DJIA) futures are well above fair value, suggesting
yet another run to record highs could be ahead. The markets are set for a relatively quiet shortened session, with only one notable economic report to digest: international trade data showed a larger-than-expected rise in the U.S. trade deficit for October. Crude oil prices are lower this morning following a rise in U.S. stockpiles, and doubts continue to surround the potential production-cut deal expected from the Organization of Petroleum Exporting Counties (OPEC) by the end of the month. Specifically, crude futures for January have given up 1% to trade at $47.50 per barrel -- though the slide does not seem to be weighing down stocks. Meanwhile, r
etailers are in the spotlight today, with early reports showing strong numbers for Black Friday sales.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are roughly 60 points above fair value.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 717,560 call contracts traded on Wednesday, compared to 432,386 put contracts. The resultant single-session equity put/call ratio dipped to 0.60, while the 21-day moving average stayed steady at 0.67.
- Dow component Johnson & Johnson (NYSE:JNJ) is up 0.4% in pre-market trading, on reports the company is considering a takeover of Swiss pharmaceutical firm Actelion Ltd. JNJ is already up 10% year-to-date, but has been trending lower since hitting an all-time peak in July.
- Online retailer Amazon.com, Inc. (NASDAQ:AMZN) is among the stocks in focus as holiday shopping shifts into high gear today. The shares are 0.6% higher ahead of the bell, as shoppers ditch the lines and scoop up deals from the comfort of home, while options buyers could also be finding a bargain in AMZN.
- Also profiting from today's shopping rush is Target Corporation (NYSE:TGT), which has already reported record online sales, with more than 60% coming from mobile devices. TGT has tacked on 0.9% ahead of the bell, on track to keep its post-earnings momentum alive.
- The economic and earnings calendars are essentially bare for the rest of the day, with the market closing early, at 1 p.m. ET.
Overseas Trading
Asian stocks ended higher, lacking cues from Wall Street after the U.S. trading holiday. Japan's Nikkei ended up 0.3%, as the yen weakened against the greenback, and Japan's core consumer prices fell for an eighth month straight. Elsewhere, Hong Kong's Hang Seng gained 0.5%, China's Shanghai Composite tacked on 0.6%, and South Korea's Kospi rose 0.2%.
European stocks are mixed at midday, during a low-volume session due to a shortened day on Wall Street. London's FTSE 100 has gained 0.1%, as economic data showed an increase in household spending and business investment, and third-quarter gross domestic product (GDP) that matched estimates of 0.5%. The French CAC 40 has dipped 0.2%, despite unemployment falling for a second straight month in October, while Germany's DAX is down 0.1%.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check