Dow Jones Industrial Average Futures Higher Ahead of Yellen

How to Trade This Choppy Market

Jun 27, 2017 at 9:02 AM
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Dow Jones Industrial Average (DJIA) futures are trading just a hair above fair value ahead of a busy day on Wall Street. While speeches from a number of central bank officials will be in focus, a 1 p.m. ET appearance from Fed Chief Janet Yellen is at the top of the marquee. Updates on housing and consumer confidence are also due. And with August-dated crude futures up 1.4% at $43.98 per barrel, oil is on track for a fourth straight day of gains. Tech stocks, on the other hand, are staring at another day of losses, as a big pre-market loss for Alphabet shares pressures Nasdaq-100 Index (NDX) futures.

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

  • How to find trading opportunities in a choppy market, courtesy of Schaeffer's Senior V.P. of Research Todd Salamone.
  • The latest stock soaring on Amazon news.
  • Altaba's options pits have been busy since the Yahoo shift.
  • Plus, Google gets hammered with a record antitrust fine; Western Digital makes a last-ditch bid for Toshiba; and Darden's earnings impress.

us stock index futures june 27

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 777,739 call contracts traded on Monday, compared to 495,882 put contracts. The single-session equity put/call ratio rose to 0.64, and the 21-day moving average remained at 0.63.
  2. The European Commission has slapped Google with a record fine of 2.4 billion euros ($2.7 billion) over antitrust violations related to the search giant's Google Shopping service. Google "respectfully disagree[s]" with the ruling, says general counsel Kent Walker, and the tech firm is considering an appeal. Shares of parent company Alphabet Inc (NASDAQ:GOOGL) are down 1% ahead of the open, after settling Monday at $972.09 -- about 3.6% south of its early June highs above $1,000 per share.
  3. Data storage specialist Western Digital Corp (NASDAQ:WDC) is in focus this morning, after the firm last night offered a fourth-quarter revenue forecast of $4.8 billion -- just shy of the consensus estimate for $4.81 billion. Additionally, WDC and private equity firm KKR & Co. this morning resubmitted a bid to acquire Toshiba's flash memory chip unit, countering Toshiba's preferred offer from Bain Capital and Japanese government investors. WDC has retreated 1.8% in electronic trading, paring a portion of its impressive 36% year-to-date surge.
  4. Olive Garden parent Darden Restaurants, Inc. (NYSE:DRI) reported adjusted quarterly profit of $1.18 per share, three cents a share above consensus. Revenue also beat estimates. Same-restaurant sales increased by 3.3% compared to a year ago, and the company also upped its quarterly dividend by 12.5% to 63 cents per share. DRI stock has a history of post-earnings volatility, and is trading 1.3% higher ahead of the bell.
  5. The Conference Board's consumer confidence index will be released, as well as the S&P Corelogic Case-Shiller home price index. San Francisco Fed President John Williams, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari will speak. KB Home (KBH) will report earnings.

Buzz Stocks June 27

Overseas Trading

It was a mixed finish for stocks in Asia, as traders considered stabilizing oil prices and a rising U.S. dollar. China's Shanghai Composite notched a third straight win, and its highest close since mid-April, gaining 0.2%. Hong Kong's Hang Seng, however, dipped 0.1%. In Japan, the Nikkei picked up 0.4% for a third consecutive win of its own. Rounding out the region, South Korea's Kospi closed up 0.1%, hitting fresh record highs in the process. 

It's a different story in Europe, where stocks across the board are struggling amid a sharp rise in the euro. The currency's move follows comments from European Central Bank (ECB) President Mario Draghi defending the bank's stimulus efforts. While the energy sector has managed to outperform, auto stocks are falling after car part supplier Schaeffler slashed its profit outlook. Still, it's the French CAC 40 seeing the biggest drop at the halfway point, down 0.6%, while Germany's DAX has given back 0.5%. In London, the FTSE 100 has shed 0.2%. 


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