Dow Jones Industrial Average Futures Fall with Oil Prices

The Sector Contrarian Bulls Should Be Watching

Jul 11, 2017 at 9:14 AM
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Dow Jones Industrial Average (DJIA) futures are trading below fair value this morning, as troubles from the energy sector weigh on stocks. August-dated crude futures are 1.1% lower at $43.92 per barrel, after a number of global banks -- including Goldman Sachs -- lowered their forecasts on oil prices due to oversupply concerns. While this morning's Job Openings and Labor Turnover Survey (JOLTS) will likely draw attention following last Friday's payrolls report, a number of speeches from regional Fed presidents could also be in focus. As for individual equities, PepsiCo shares are lower in pre-market trading after earnings, while Amazon's annual Prime Day is in full swing. 

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

  • Schaeffer's Senior V.P. of Research Todd Salamone uncovers the sector contrarian bulls should be watching
  • 2 reasons analysts expect record highs from PayPal stock.
  • Breaking down the first day of options trading for Blue Apron. 
  • Plus, 2 drug stocks making huge moves; and a cybersecurity name down after earnings. 

stock futures today

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 733,531 call contracts traded on Monday, compared to 468,929 put contracts. The single-session equity put/call ratio moved down to 0.64, and the 21-day moving average moved stayed at 0.64.
  2. Biotech Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up a whopping 40% ahead of the open, after the company released upbeat data for its drug that targets pulmonary arterial hypertension. As of last night's close at $18.39, ARNA stock was already up almost 63% since its May 18 52-week low. 
  3. Arena isn't the only biotech set to surge today, though. Amicus Therapeutics, Inc. (NASDAQ:FOLD) is pointed 32% higher in electronic trading, after the Food and Drug Administration (FDA) said the company could submit a New Drug Application for its Fabry disease treatment, migalastat. FOLD stock closed yesterday at $10.26, up more than 100% year-to-date. 
  4. Joining PEP stock in the post-earnings spotlight is Barracuda Networks Inc (NYSE:CUDA). CUDA stock is on pace to open 5.2% lower due to a weaker-than-expected current-quarter forecast, and a price-target cut at Piper Jaffray.
  5. The wholesale inventories report is due. Speeches from Fed Governor Lael Brainard and Minneapolis Fed President Neel Kashkari round out the economic calendar for the day. 

Buzz Stocks July 11

Overseas Trading

It was a mixed finish in Asia today, as stocks in mainland China once again diverged from the regional trend. The Shanghai Composite fell 0.3% to notch its second straight daily drop, pressured by news reports that regulators are limiting stock buying by fund managers. Elsewhere, a continued decline in the yen propelled Japan's Nikkei to a gain of 0.6%, while South Korea's Kospi also advanced 0.6%. Hong Kong's Hang Seng racked up the biggest rally, soaring 1.5% as robust weekly revenue out of Macau propped up casino stocks.

There's a mild downside bias in Europe at midday, with traders keeping a wary eye on an early 1% drop in Brent crude futures. Retailer Marks & Spencer is trading down 5% in London after a poorly received earnings report, helping to pressure the FTSE 100 down 0.9%. Meanwhile, the French CAC 40 is off 0.3%, but the German DAX has managed a 0.2% rise.


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