Dow Looks to Bounce Back Ahead of Yellen Speech

Dow Jones Industrial Average (DJIA) futures are pointed modestly higher today, as the index tries to stabilize after falling for a third straight day. Tech stocks are attempting to stage a rebound, and traders are also awaiting a handful of Fed speeches scheduled for today, including the highly anticipated speech from Fed Chair Janet Yellen. Traders will also hear from Cleveland Fed President Loretta Mester and Atlanta Fed President Raphael Bostic.  

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

• How not to hedge the S&P right now, according to Schaeffer's Senior V.P. of Research Todd Salamone.
• Buy calls on these 2 tech ETFs before October.
• Behind yesterday's big Facebook fall.
• Plus, 2 biotech stocks set to open at record lows; and Apple stock could break its four-day losing streak.

1. The Chicago Board Options Exchange (CBOE) saw 917,063 call contracts traded on Monday, compared to 584,122 put contracts. The single-session equity put/call ratio fell to 0.64, and the 21-day moving average remained at 0.62.
2. Genocea Biosciences Inc (NASDAQ:GNCA) stock is down 61.4% -- and set to open at a record low -- after the biotech  said it's ceasing spending and activities for its genital herpes drug, Gen-003. Subsequently, Stifel downgraded the biotech stock to "hold" from "buy," and slashed its price target by 83% to $2.50. 
3. Shares of Axovant Sciences Ltd (NASDAQ:AXON) are also headed for a record low, down 71.7% before the bell, following news that the biotech company's Alzheimer's drug failed in a late-stage study. AXON shares touched $27.98 on Friday -- their highest point since their June 2015 initial public offering (IPO).
4. Apple Inc. (NASDAQ:AAPL) stock could snap its four-day losing streak, with the shares up 0.9% in pre-market trading. This morning, Raymond James upped his price target on the tech stock to $180 from $170, citing the stock's recent pullback as a trading opportunity. However, AAPL shares have lost 6.3% since the tech giant's iPhone X product reveal, and could face resistance at their formerly supportive 120-day moving average.
5. The S&P CoreLogic Case-Shiller home price index, new home sales, and the Conference Board's consumer confidence survey are also due today. Meanwhile, Nike (NKE), Darden Restaurants (DRI), and Micron (MU) will report earnings.

Overseas Trading

It was a mixed finish in Asia today, as traders weighed increasing geopolitical tensions between the U.S. and North Korea. A rush to safe-haven assets gave the yen a boost -- and sent Japan's Nikkei down 0.3%. The Bank of Japan's (BoJ) latest meeting minutes were also in focus, and signaled support for the central bank's current monetary policy. South Korea's Kospi shed 0.3%, too, pressured by a drop in tech shares. Stocks in China outperformed, though, with the Shanghai Composite edging up 0.07% and Hong Kong's Hang Seng tacking on 0.05%.

The war of words between the U.S. and North Korea has most European markets trading lower at midday. The euro is also in focus, trading at a 10-week low against the pound following weekend elections in Germany. At last check, London's FTSE 100 is down 0.1% and the French CAC 40 is off 0.04%. The German DAX is holding on to modest gains, however, up 0.1%.