Dow Jones Industrial Average Futures Signal Slow Start Ahead of Fed Speeches

Buy the Dip on This FAANG Stock

Jun 23, 2017 at 9:05 AM
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Dow Jones Industrial Average (DJIA) futures are trading below fair value ahead of the last week of the second quarter, putting the Dow on pace for a third straight loss, and jeopardizing its four-week winning streak. Today's economic schedule is jam-packed with speeches from regional Fed presidents, while traders will also continue to monitor the turbulent energy sector. At last check, August-dated crude futures were up 0.2% at $42.84 per barrel, but oil prices are still set for another major weekly loss. Meanwhile, healthcare stocks could remain in focus after yesterday's unveiling of an Obamacare replacement bill in the Senate, and Wall Street will be watching bank stocks after the latest round of stress tests. 

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

  • Buy the dip on this FAANG stock.
  • 3 healthcare stocks that could hit record highs next week.
  • In case you missed it: How Trump's border wall talk boosted solar stocks.
  • Plus, BlackBerry pulls back; a must-see drug stock; and more bullish attention for steel stocks.

stock futures today

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 991,540 call contracts traded on Thursday, compared to 497,405 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average remained at 0.63.
  2. BlackBerry Ltd (NASDAQ:BBRY) looks set to pull back today, after the company's quarterly revenue missed estimates -- even though it posted its first profit in nine quarters. BBRY stock is down 4.3% ahead of the open, though this would still put just a small dent in its year-to-date lead. As of last night's close at $14.66, BlackBerry was up almost 113% in 2017.
  3. Cara Therapeutics Inc (NASDAQ:CARA) has been another outperformer in 2017, picking up 114% since the start of the year, and more than quadrupling in the past 12 months. The shares are up another 8.4% in pre-market trading, after the Food and Drug Administration (FDA) granted a breakthrough therapy designation for its treatment for kidney disease. 
  4. Steel stocks could get a lift today, after Deutsche Bank upgraded United States Steel Corporation (NYSE:X) and AK Steel Holding Corporation (NYSE:AKS) to "buy." AKS stock is pointed 3.8% higher ahead of the bell, and has rallied nearly 19% since its mid-May lows.
  5. St. Louis Fed President James Bullard, Fed Governor Jerome Powell, and Cleveland Fed President Loretta Mester will speak ahead of another busy week of Fed speeches. The Markit flash composite purchasing managers index (PMI) and new home sales are also due. Finish Line (FINL) will report earnings.

Buzz Stocks June 23

Overseas Trading

Asian stock indexes managed at the most small gains in the last trading day of the week. In fact, the biggest advancer was South Korea's Kospi, which added 0.4%. In China, investors were spooked by reports regulators requested an inquiry into the lending practices of some of the company's biggest companies. Still, the Shanghai Composite managed a 0.3% win, while Hong Kong's Hang Seng fell 0.02%. Japan's Nikkei closed up 0.1%, despite lackluster manufacturing data for June.

Stocks in Europe are posting moderate losses at midday. The energy sector is still in focus, with oil stocks falling once again. Traders are also digesting a round of lackluster economic data. Specifically, the Markit flash PMI for the eurozone came in at a five-month low. Germany's DAX has taken the biggest hit so far, falling 0.7%, while France's CAC 40 and London's FTSE 100 are down  0.6% and 0.3%, respectively. 



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