Dow Jones Industrial Average Futures Lower After G-20 Drama

2 Stocks Under $15 Flashing 'Buy'

Josh Selway
Mar 20, 2017 at 9:15 AM
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Dow Jones Industrial Average (DJIA) futures are trading just below fair value this morning, with the blue-chip index and S&P 500 Index (SPX) on pace for a third straight day of losses. Coming off last week's rate hike, a number of speeches from regional Fed presidents will be in focus this week, with Chicago Fed President Charles Evans this morning saying the central bank could hike rates four times this year, if inflation tops the Fed's 2% target. Meanwhile, oil prices could again be in focus this week, with April-dated crude futures down 1.5% at $48.06 per barrel. Wall Street is also digesting headlines out of Germany, with the G-20's latest statement omitting a typical line about supporting free trade amid pressure from U.S. Treasury Secretary Steven Mnuchin.

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

  • 2 stocks under $15 flashing historically bullish signals. 
  • A $1.4 million options bet on the housing sector.
  • The software stock at record highs after earnings
  • Plus, Disney breaks records; a very bullish note for FireEye; and the red-hot drugmaker set to pull back.

stock futures today

Futures on the Dow Jones Industrial Average (DJIA) are just about 3 points below fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 1.2 million call contracts traded on Friday, compared to 717,936 put contracts. The resultant single-session equity put/call ratio moved up to 0.61, while the 21-day moving average edged higher to 0.63.
  2. Walt Disney Co's (NYSE:DIS) Beauty and the Beast set a number of records at the box office over the weekend, including best domestic open for a PG film, after bringing in $170 million in the U.S., on top of $350 million globally. Shares of DIS are pointed higher in pre-market trading, which could have the blue chip flirting with fresh 52-week highs. 
  3. BofA-Merrill Lynch is eyeing major upside for cybersecurity stock FireEye Inc (NASDAQ:FEYE), upgrading its rating to "buy" from "neutral," and setting a price target of $18 -- a 67.8% premium to Friday's close at $10.73. FEYE stock has struggled over the past year, losing roughly 43%, even as buyout speculation lingers. The stock is up 6.5% ahead of the open. 
  4. Array Biopharma Inc (NASDAQ:ARRY) has been one of the hottest biotech stocks on the Street since the company reported positive trial results for its melanoma treatment, with the shares roughly tripling in value. However, ARRY is set to pull back today, after the firm announced it has withdrawn is new drug application for binimetinib monotherapy for NRAS-mutant melanoma.
  5. Today's schedule features no notable earnings reports on the docket.

Buzz Stocks March 20

Overseas Trading

Asian stocks had a mixed start to the week, as traders reacted to the G-20's decision not to endorse free trade during a weekend summit. Amid the kickoff of the China Development Forum, the mainland's Shanghai Composite muscled 0.4% higher, as property prices rose for the first time in five months in February, and property sales for January and February showed their strongest annual growth rate since 2010, rising 25.1%. Hong Kong's Hang Seng also finished on the positive side of the ledger, popping 0.8%. South Korea's Kospi finished 0.4% lower, as the country's February producer price index (PPI) reached its quickest pace in more than five years. Japanese markets were closed for holiday.

Developments from the G-20 summit are weighing on European markets, with oil stocks leading the way lower as crude prices sink. France's CAC 40 is down nearly 0.3%, as the nation's presidential debate draws near. Meanwhile, Germany's DAX has lost 0.3%, despite Chancellor Angela Merkel's potential pact with Japan, while the country's PPI recorded its strongest year-over-year increase since December 2011, up 3.1%. Rounding things out, London's FTSE 100 has slipped 0.1%, as Prime Minister Theresa May will reportedly trigger the start of the Brexit process on March 29.

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