Dow Could Snap Losing Streak as Stock Futures Rise

Oil prices should be in focus today as the cartel plans a big production boost

Managing Editor
Jun 22, 2018 at 9:17 AM
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Futures on the Dow Jones Industrial Average (DJI) are trading 130 points above fair value, with the blue-chip index looking to avoid a nine-day slump after notching its longest losing streak in over a year. Trade tensions are on the back burner as focus remains on the Organization of the Petroleum Exporting Countries (OPEC) meeting, where the cartel has reportedly agreed to a production boost of 1 million barrels per day -- though analysts expect the actual increase will range between 600,000 and 800,000, as some member countries face challenges in boosting output.

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

Dow Futures Chart June 22

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.02 million call contracts traded on Thursday, compared to 575,792 put contracts. The single-session equity put/call ratio remained at 0.56, while the 21-day moving average remained at 0.57.
  2. Shares of Micron Technology, Inc. (NASDAQ:MU) are 1.2% higher in electronic trading, after Benchmark initiated coverage on the stock with a "buy" rating and $80 price target. This bull note comes one day after Micron reported a fiscal third-quarter earnings beat. MU settled Thursday at $59.44, up 87% year-over-year.
  3. CarMax, Inc (NYSE:KMX) is up 8.9% in pre-market trading, after the company reported a fiscal first-quarter earnings and revenue beat. The stock is now on pace to open at new year-to-date highs, reversing Thursday's breach of support at its 20-day moving average.
  4. Raymond James upgraded Dollar General Corp. (NYSE:DG) to "strong buy" from "outperform" and hiked its price target to $115 from $100, just one day after the discount retailer announced plans to create 7,000 jobs this fiscal year. The new target implies expected upside of 16.5% to last night's close at $98.68. Dollar General stock has been moving sideways since early February, unable to break above the $100 threshold.
  5. Aside from the OPEC meeting, the week will close with Markit's flash purchasing managers index (PMI) and the Baker-Hughes weekly rig count. There are no notable earnings to report.

stock market news june 22

Chinese Markets Wrap Up Worst Week in Months

It was a mixed session for stocks in Asia. While China stocks were able to bounce back from early losses, they still wrapped up one of their worst weeks in months. The Shanghai Composite, for example, fell to nearly two-year lows before reversing course and closing up 0.5%. Hong Kong’s Hang Seng followed a similar path, settling with a 0.2% gain. South Korea’s Kospi also had a positive session, adding 0.8%. But in Japan, a sell-off in automakers pressured the Nikkei, which shed 0.8%.

In Europe, the major equity benchmarks are pushing higher at the halfway point. In fact, the FTSE 100’s 1.3% rise in London has it flirting with a positive weekly finish, even as the pound continues to rise. The uptick in oil prices is also helping, lifting names like Royal Dutch Shell and BP. Meanwhile, France’s CAC 40 is close behind the FTSE, adding 1%, and Germany’s DAX is gaining as well, up 0.5% at last check.


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