Dow Jones Industrial Average Futures Lower Ahead of Holiday

The Trump Tweet That Sent This Stock Soaring 31%

Dec 23, 2016 at 9:11 AM
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Dow Jones Industrial Average (DJIA) futures are pointed lower -- falling further from the much-anticipated 20,000 level -- as traders look toward the long holiday weekend. Bank stocks are in focus today, after Deutsche Bank AG (USA) (NYSE:DB) and Credit Suisse Group AG (ADR) (NYSE:CS) both reached agreements with the U.S. Justice Department regarding the sale of mortgage-backed securities. Investors are also looking ahead to the release of today's economic reports, including November new home sales.

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

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Futures on the Dow Jones Industrial Average (DJIA) are about 9 points below fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 592,270 call contracts traded on Thursday, compared to 395,947 put contracts. The resultant single-session equity put/call ratio fell to 0.67, while the 21-day moving average remained at 0.60.
  2. Cal-Maine Foods Inc (NASDAQ:CALM) is up 0.2% in electronic trading, possibly to the chagrin of short sellers, even after reporting weaker-than-expected quarterly sales, citing difficulties from "extremely challenging market fundamentals in the egg industry." CALM also announced it would not be issuing a quarterly dividend to shareholders. 
  3. Lockheed Martin Corportation (NYSE:LMT) is pointed 2% lower ahead of the bell, after yet another critical tweet from President-elect Donald Trump, who said he felt the costs of LMT's F-35 jet were "tremendous," and that had asked competitor Boeing Co (NYSE:BA) to price out a "comparable F-18 Super Hornet." While LMT has declined to comment, BA reiterated its commitment to working with the president-elect to meet the country's aerospace and security needs.
  4. Fred's, Inc. (NASDAQ:FRED) is set to pop 5.8% at the open, after news that activist investor Alden Global Capital now owns nearly 25% of FRED shares.The investment firm said FRED shares remain undervalued, and that it will discuss the retailer's plans to buy Rite Aid Corporation (NYSE:RAD) stores.
  5. The week will conclude with the Thomson Reuters/University of Michigan consumer sentiment survey. There are no earnings reports worth noting. Looking ahead, U.S. markets will be closed on Monday, Dec. 26, for the Christmas holiday.

Buzz stocks Dec 23

Overseas Trading

Asian stocks settled the week lower ahead of the Christmas weekend. China's Shanghai Composite took the biggest hit, dropping 0.9% amid a sell-off in real estate and coal mining shares. Meanwhile, a tough session for financial stocks pressured Hong Kong's Hang Seng 0.3% lower. Rounding things out, South Korea's Kospi ended a touch above breakeven, while Japanese markets were shuttered for the emperor's birthday.

European bourses are mixed amid light trading. London's FTSE 100 edged 0.1% higher before closing early for the holiday weekend, with Barclays slumping after federal prosecutors sued the bank for the sale of allegedly fraudulent mortgage-backed securities. Elsewhere, the German DAX is down 0.3%, after DB earlier reached a $7.2 billion agreement to settle a Justice Department investigation in the U.S. The French CAC 40, meanwhile, has given back 0.1%.

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