Stock Futures Rise With Oil Prices

Dow Jones Industrial Average (DJIA) futures are modestly higher ahead of the bell, rising in step with oil prices. At last check, November-dated crude futures were up 1.3% to trade at $50.21 per barrel, boosted by reports that Saudi Arabia will slash oil exports next month.

Meanwhile, several central bank officials are set to take the stage today ahead of tomorrow's release of the September Fed meeting minutes, while Procter & Gamble (PG) will host its highly anticipated shareholder vote to decide whether to put activist investor Nelson Peltz to its board. Against this busy backdrop, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are up, too, in what looks to be a positive day for U.S. stocks.

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

• The SPY levels our Senior V.P. of Research Todd Salamone is watching as earnings season kicks off.
• The Nasdaq Composite flirted with a historic streak.
• Wal-Mart takes its shot against Amazon.
• Plus, Nvidia targets new highs; Pfizer mulls a possible sale; and the drug stock set to double.

1. The Chicago Board Options Exchange (CBOE) saw 746,683 call contracts traded on Monday, compared to 547,340 put contracts. The single-session equity put/call ratio rose to 0.73, and the 21-day moving average stayed at 0.64.
2. Nvidia Corporation (NASDAQ:NVDA) unveiled an artificial intelligence computer system -- dubbed Pegasus -- developed for self-driving vehicles. This is the first of its kind, and has partnered with automotive supplier ZF to test the technology in Deutsche Post DHL Group delivery trucks. NVDA stock is up 4.2% in electronic trading, set to open at a new record high.
3. Pfizer Inc. (NYSE:PFE) said it could seek strategic alternatives for its consumer healthcare division -- including a possible spinoff or sale of the unit that generated around $3.4 billion in revenue last year. PFE stock is up 1% ahead of the bell.
4. Boston-based drugmaker Kalvista Pharmaceuticals Inc (NASDAQ:KALV) said it has entered into a collaboration with Merck & Co., Inc. (NYSE:MRK) for its experimental diabetic macular edema (DME) treatment. MRK has also taken a 9.9% stake in Kalvista. KALV is set to double at the open, with the stock on track to trade above $15 for the first time since June 2016.
5. Traders will hear from Minneapolis Fed President Neel Kashkari during regular trading hours today, and Dallas Fed President Rob Kaplan after the close. Barracuda Networks (CUDA) will report earnings.

Overseas Trading

It was a strong session for equities in Asia. Starting in Japan, the Nikkei came back from a three-day weekend to hit a two-year high, finishing with a 0.6% lead. The broad gains came despite a huge sell-off in shares of Kobe Steel, after the company admitted to fabricating data on certain products. Stocks also jumped in South Korea after a long weekend. A sharp rise in shares of Samsung Electronics helped the Kospi finish with a 1.6% gain. In China, the Shanghai Composite managed a 0.3% win, while the Hang Seng closed up 0.6% in Hong Kong.

In Europe, stock markets are mixed halfway through the day. London's FTSE 100 has so far managed to add 0.2%, thanks to strong gains from mining stocks. A year-over-year rise in manufacturing production in the region is also helping lift the index. Elsewhere, France’s CAC 40 has fallen 0.1%, while Germany’s DAX is down 0.2%.