Dow Jones Industrial Average Futures Cautiously Higher

Key Chart Levels to Watch for the Dow, SPY, and VIX

Dec 6, 2016 at 9:10 AM
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Dow Jones Industrial Average (DJIA) futures are cautiously higher ahead of the bell, after Monday's surge to record highs. Stock traders are digesting the latest economic data, including a 3.1% rise in U.S. productivity in the third quarter -- unchanged from initial estimates -- and an 18% rise in the U.S. trade deficit in October. Meanwhile, investors are looking ahead to data on factory orders, released later this morning, and next week's Federal Reserve meeting, which is expected to result in an interest rate increase.

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

161206OV1

Futures on the Dow Jones Industrial Average (DJIA) are about 22 points above fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 691,376 call contracts traded on Monday, compared to 435,628 put contracts. The resultant single-session equity put/call ratio fell to 0.63, while the 21-day moving average dropped to 0.61.
  2. Nike Inc (NYSE:NKE) is trading 1.2% lower before the open, paring some of yesterday's gains, after some bearish analyst attention from Cowen and Company, which cut NKE to "market perform" from "outperform," and slashed its price target to $54 from $59. Elsewhere, Nike agreed to extend its contract with the Football Association for 12 years.
  3. Apple Inc. (NASDAQ:AAPL) is up 1% in pre-market trading, after CEO Tim Cook said sales of the Apple Watch hit a record high during the first week of holiday sales, putting the wearable tech gadget on pace for its best quarter ever. However, the stock could still be staring up at multiple layers of resistance.
  4. Pandora Media Inc (P) is up 4% in electronic trading, thanks to an upgrade at Oppenheimer to "outperform" from "perform." The brokerage firm said Sirius XM Holdings Inc. (NASDAQ:SIRI) could be a legitimate suitor for P, pegging a possible buyout bid as high as $21 per share -- a 57% premium to P's close of $13.37 on Monday.
  5. On the earnings calendar today are AutoZone (AZO), Bob Evans (BOBE), Conn's (CONN), Dave & Busters (PLAY), Francesca's (FRAN), and Toll Brothers (TOL). 

Buzz Stocks Dec 6

Overseas Trading

Markets in Asia largely bounced back after a rough start to the week, led by gains in financial stocks. South Korea's Kospi paced the indexes, jumping 1.4% after the nation's Ministry of Strategy and Finance said it would dedicate more than two-thirds of its 2017 budget to stimulating economic growth -- including job creation and infrastructure. Also higher were Japan's Nikkei and Hong Kong's Hang Seng, up 0.5% and 0.8%, respectively. The lone negative outlier was China's Shanghai Composite, which dipped 0.2%.

European stocks are edging higher at midday, ahead of Thursday's European Central Bank (ECB) meeting -- with investors anticipating an extension of the current bond-buying program, currently scheduled to expire in March 2017. London's FTSE 100 was last seen 0.2% higher, even after the U.K.'s Financial Conduct Authority announced it will crack down on the sale of certain products in the complex "contract for difference" market -- crushing a handful of derivative sellers. Picking up steam, as well, are France's CAC 40 and the German DAX, adding 0.4% and 0.3%, respectively.

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