Dow Futures Signal Another Record Day

Dow Jones Industrial Average (DJIA) futures are pointed higher again this morning, after the index closed at a record high on hopes for tax reform. Traders are seemingly shrugging off North Korea's latest ballistic missile launch into the Sea of Japan, and President Trump's subsequent remarks that the U.S. will "take care of it." Elsewhere, the second reading of third-quarter gross domestic product (GDP) was upwardly revised to 3.3%, topping estimates and marking the fastest pace of growth in three years. The strong economic data is only bolstering expectations for a Fed rate hike in December, and traders will also be eyeing outgoing Fed Chair Janet Yellen's testimony this morning on the U.S. economy.

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

• The stock signal flashing for the first time since the financial crisis, according to Schaeffer's Senior Quantitative Analyst Rocky White. 
• Why we passed on trading this Dow stock.
• Dump these 2 oil stocks now, if past is prologue.
• Plus, the big-box retailer upgraded; Chipotle makes a CEO change; and Autodesk restructures.

1. The Chicago Board Options Exchange (CBOE) saw 1,058,682 call contracts traded on Tuesday, compared to 532,998 put contracts. The single-session equity put/call ratio fell to 0.50 -- the lowest since mid-June -- while the 21-day moving average remained at 0.63.
2. Wal-Mart Stores Inc (NYSE:WMT) stock is up 0.5% in electronic trading, after receiving a an upgrade to "sector perform" from "underperform" at RBC, as well as a price-target hike to $96 from $92. Analysts at RBC are pleased with Wal-Mart's long-term growth prospects. Shares of the retail giant have tacked on 40% year-to-date, and touched a record high of $100.10 on Nov. 17.
3. Shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) are up over 6% ahead of the bell, as the fast-casual dining company begins its search for a new CEO. Current CEO and co-founder Steve Ells will step down and become executive chairman. CMG stock has shed 24% in 2017, and touched a five-year low of $263.11 on Nov. 13. 
4. Autodesk, Inc. (NASDAQ:ADSK) stock is down over 12% in electronic trading, after the firm announced a restructuring plan that will lay off 13% of its workforce, and offered weak revenue guidance. The news offsets better-than-expected third-quarter earnings, though likely to the delight of recent options buyers. ADSK touched an all-time high of $131.10 yesterday, but could test its 80-day moving average today.

5. Pending home sales, weekly crude inventories, and the Fed's Beige Book will be released today. New York Fed President William Dudley will take the podium for a third time, and San Francisco Fed President John Williams is also slated to speak. Earnings from Box (BOX), G-III Apparel (GIII), La-Z-Boy (LZB), Tiffany & Co. (TIF), Tilly's (TLLY), and Workday (WDAY) will report earnings.

Overseas Trading

It was a mixed finish in Asia, as traders digested North Korea's latest intercontinental ballistic missile (ICBM) launch. Although the ICBM landed in the Sea of Japan, the Nikkei rose 0.5%, as a cooling yen lifted exporters. China's Shanghai Composite also closed higher, adding 0.1%, as property stocks jumped. On the flip side, Hong Kong's Hang Seng fell 0.2%, while South Korea's Kospi slipped 0.05% amid pressure from blue-chip tech shares.

European markets are mostly higher at midday, thanks to a rally in retail and bank stocks and data that showed economic sentiment in the eurozone hit a 17-year high in November. Following bitcoin's overnight surge north of $10,000, investors are also brushing off a warning by the European Central Bank (ECB), which cautioned on "the risk of a rapid repricing in global markets." At last check, the German DAX was up 0.8% after a report signaled a faster-than-expected rise in inflation last month, and the French CAC 40 has tacked on 0.6%. London's FTSE 100, on the other hand, is down 0.6%, as the pound jumps on news progress has been made in Brexit negotiations.