Dow Futures Signal Triple-Digit Drop

Target (TGT) stock is lower after issuing a lackluster current-quarter forecast

Patrick Martin
Nov 15, 2017 at 9:16 AM
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Dow Jones Industrial Average (DJIA) futures are down over 100 points this morning, as markets react to plummeting oil prices and lingering concerns over the U.S. tax overhaul. Crude futures are extending yesterday's slide this morning, with December-dated oil down 1.1% at $55.10 per barrel, ahead of today's weekly inventories data. Meanwhile, the Dow is once again being dragged down by General Electric (GE) stock, which is headed even lower after a massive two-day plunge.

Elsewhere, Target (TGT) stock is set to tank on a lackluster current-quarter forecast, even as broader U.S. retail sales rose 0.2% in October, topping expectations. The consumer price index (CPI) increased in line with estimates, while the core CPI rose at an annual rate of 1.8% last month -- the fastest pace since April, bolstering expectations for a Fed rate hike next month. 

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

  • 25 stocks to buy before Thanksgiving, per Schaeffer's Senior Quantitative Analyst Rocky White.
  • Options volume is through the roof on this media stock.
  • The streaming entertainment stock that's doubled in one week.
  • Plus, the drug stock in hot water; SNAP's woes continue; and CVS reports internal outages.

premarket stock futures nov 15


5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 999,781 call contracts traded on Tuesday, compared to 624,467 put contracts. The single-session equity put/call ratio dropped to 0.62, and the 21-day moving average remained at 0.65.
  2. Acorda Therapeutics Inc (NASDAQ:ACOR) stock is set to plunge 38% out of the gate, after the biotech said it's halting enrollment in a pair of Parkinson's disease drug trials in the wake of a handful of deaths. ACOR stock could open even south of its late August lows, which stemmed from an FDA rejection of its marketing application for Inbrija.
  3. Snap Inc (NYSE:SNAP) stock is down 2% before the bell, after it was reportd that Soros dissolved its entire stake in the third quarter. In addition, SNAP shares were downgraded to "market perform" from "market outperform" at JMP Securities. Analysts cited concern over slow user growth due to the upcoming app redesign. It's been a rough stretch for SNAP stock, shedding 24% in the past month and reporting a third straight earnings miss. 
  4. CVS Health Corp (NYSE:CVS) reported computer outages at some of its pharmacies, preventing some patients from refilling prescriptions. The news has the stock down 0.7% in electronic trading. While the drug store stock fell to a three-year low of $66.45 on Nov. 6, and has shed 11% year-to-date, call buying remains popular.
  5. The Empire State manufacturing survey and business inventories will also be in focus today. Cisco Systems (CSCO), Children's Place (PLCE), Digital Ally (DGLY), JA Solar (JASO), L Brands (LB), Meritor (MTOR), and NetApp (NTAP) will report earnings.

stock market news november 15

Overseas Trading

Asian markets finished lower today, as sinking oil prices dropped energy stocks. Japan's Nikkei was the region's biggest loser -- shedding 1.6% for its sixth straight loss, as financial shares fell on rumors of potential layoffs across the sector and the yen strengthened on a better-than-expected third-quarter gross domestic product (GDP) reading. Elsewhere, Hong Kong's Hang Seng gave back 1%, China's Shanghai Composite closed down 0.8%, and South Korea's Kospi slid 0.3% as big-cap tech stocks retreated.

European markets are in the red at midday, pressured by falling crude futures. Mining stocks are also on the decline -- feeling the heat as copper prices continue to struggle in the wake of Monday's dismal data out of China. At last check, the German DAX was down 1%, while the French CAC 40 and London's FTSE 100 were each flirting with 0.5% losses, the latter of which comes following a report showing U.K. unemployment logged its biggest quarterly loss in two years in the July-to-September stretch.



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