Dow Jones Industrial Average Futures Chase Fifth Straight Win

Short Seller: This Drugmaker 'The Culprit Behind Price Gouging'

Dec 9, 2016 at 9:14 AM
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Dow Jones Industrial Average (DJIA) futures are set to add to yesterday's record-high finish -- which would put the Dow on pace for its fifth straight day of gains -- as stocks continue to cheer the European Central Bank (ECB) decision to extend its bond buying program while reducing the amount of monthly asset purchases. Elsewhere, oil futures are up, as the Organization of the Petroleum Exporting Countries (OPEC) prepares to begin discussions with non-member states about joining OPEC's oil production cap. January-dated crude futures are currently up 1.1% at $51.42 per barrel.

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

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Futures on the Dow Jones Industrial Average (DJIA) are about 46 points above fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 959,884 call contracts traded on Thursday, compared to 482,539 put contracts. The resultant single-session equity put/call ratio rose to 0.50, while the 21-day moving average fell to 0.59.
  2. Vail Resorts, Inc. (NYSE:MTN) is set to drop 1.7% out of the gate -- much to the delight of recent option traders -- after reporting a steeper-than-expected quarterly loss. However, the company also raised its full-year guidance, citing increased booking rates as a harbinger of what's to come once its North American resorts open for the season.
  3. Ferrellgas Partners, L.P. (NYSE:FGP) is set to pop 4.5% at the open, after the energy company reported a smaller-than-anticipated quarterly loss. A number of option players are likely cheering today's expected swing up -- a relatively rare earnings reaction for FGP
  4. Apple supplier Broadcom Ltd (NASDAQ:AVGO) is also set to make a notable move at the open, currently poised to jump 5.6% -- and possibly explore record highs north of recent resistance -- after an earnings win. No fewer than 10 analysts raised their price targets for AVGO, including Deutsche Bank, which bumped its price target to $225 from $205.
  5. The week wraps up with the Thomson Reuters/University of Michigan consumer sentiment survey and October's wholesale inventories report.

Buzz Stocks Dec 9

Overseas Trading

It was a mixed end to the week for stocks in Asia, as currencies throughout the region struggled on the heels of the ECB stimulus extension. On the losing side of the ledger was Hong Kong's Hang Seng, which dropped 0.4% as casino stocks got rocked by a report that China UnionPay was being forced to halve its maximum ATM withdrawal limit in Macau -- which the financial corporation later denied. Meanwhile, South Korea's Kospi dipped 0.3%, just before parliament voted to impeach President Park Geun-hye. On the positive side, Japan's Nikkei jumped 1.2%, boosted by energy and financial shares, while China's Shanghai Composite added 0.5% following healthier-than-expected rises in the producer price index and consumer price index.

Markets are mostly higher in Europe, as traders continue to digest yesterday's policy decision from the ECB. London's FTSE 100 is just 0.04% above the flatline, as a sell-off in bank stocks limits upside momentum. In Germany, the DAX is 0.1% higher, even after the country's October trade surplus came in south of the consensus forecast. France's CAC 40 has posted the healthiest gains, up 0.5%.

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