North Korea, OPEC Worries Can't Contain Dow Jones Industrial Average Futures

Dow Jones Industrial Average (DJIA) futures are trading above fair value, with the blue-chip index taking aim at a ninth straight record high. Stocks appear to be brushing off rising geopolitical tensions after the United Nations slapped North Korea with stiff sanctions over the weekend, as well as falling oil prices. At last check, September-dated crude futures were down 1.1% at $49.02 per barrel, ahead of the Organization of the Petroleum Exporting Countries' (OPEC) two-day meeting, where compliance over the cartel's production cut agreement will likely be discussed. Nevertheless, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are higher, as well, signaling a positive session for U.S. stocks.

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

• The stock Bill Ackman hates could be flashing "buy."
• Put buyers are blitzing these 2 drug stocks ahead of earnings.
• Another big payday for Oprah.
• Plus, Tesla's latest fund-raising effort; the drug stock set to lose half its value today; and more bad news for Snap.

1. The Chicago Board Options Exchange (CBOE) saw 892,363 call contracts traded on Friday, compared to 587,528 put contracts. The single-session equity put/call ratio fell to 0.66, and the 21-day moving average remained at 0.63.


2. Electric automaker Tesla Inc (NASDAQ:TSLA) said it's looking to drum up $1.5 billion via a bond offering to fund production of its Model 3 sedan. TSLA stock has backpedaled 0.8% ahead of the open to $353.90, on pace to pare its robust year-to-date gain of 67%.


3. The volatile price action continues for Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE), which has tanked roughly 53% in pre-market action after the company's cannabis-based gel for epilepsy failed to meet the goals of a mid-stage trial. Today's hefty losses in electronic trading have ZYNE on track to open at a new 52-week low south of $8 per share.


4. Beleaguered Snap Inc (NYSE:SNAP) was hit with another price-target cut this morning, as Deutsche Bank lowered its forecast to $20 from $23. However, the downwardly revised target still implies expected upside of nearly 48% to SNAP's Friday close at $13.52.


5. Speeches from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari are due. For earnings, AMC Entertainment (AMC), Avis Budget (CAR), CBS (CBS), Depomed (DEPO), Gogo (GOGO), Horizon Pharma (HZNP), Mallinckrodt (MNK), MannKind (MNKD), Marriott (MAR), Sunrun (RUN), Tenet Healthcare (THC), and Twilio (TWLO) will report.

Overseas Trading

Asian stocks started the week off on a bullish note, even as investors considered the U.N.’s latest sanctions on North Korea. China’s Shanghai Composite led the way with a 0.5% advance, with Hong Kong’s Hang Seng adding 0.5%, as well. Also riding 0.5% was Japan’s Nikkei, as a weaker yen helped lift major exports. Among the top performers was Toshiba, which rallied after local newspapers suggested the company’s financial results could be approved by its auditors. Finally, South Korea’s Kospi managed a 0.14% win. 

In Europe, stocks are struggling for upside, as disappointing economic data out of Germany holds back the major indexes. Specifically, data revealed industrial output in the country fell unexpectedly in June. Mining stocks are a bright spot, however, with the sector posting broad gains at midday. While London’s FTSE 100 has managed to pick up 0.1% so far, Germany’s DAX is down 0.5% and France’s CAC 40 has lost 0.1%.