It's widely expected that interest rates won't change
Dow Jones Industrial Average (DJI) futures are confidently above fair value today. Should today's pre-market price action hold, the blue-chip index could take aim at a five-day winning streak -- which would mark its longest since early January. The two-day Fed meeting will get underway later today, but no rate hike is expected to be announced tomorrow. Instead, investors will be clued in to the Fed’s economic and interest rate outlooks amid global trade tensions between the U.S. and China. Elsewhere, oil prices continue to surge, with April-dated crude futures up 0.7% at $59.54 per barrel.
Continue reading for more on today's market, including:
- Schaeffer's Senior Market Strategist Matthew Timpane breaks down spring seasonality for the next six weeks.
- 3 reasons Needham downgraded Facebook stock.
- Signal says this biotech stock could cool off soon.
- Plus, Loop Capital is bullish on Five Below stock; Netflix draws the line with Apple; and Tilray pops on a revenue beat.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.1 million call contracts traded on Monday, compared to 576,718 put contracts. The single-session equity put/call ratio fell to 0.52, and the 21-day moving average remained at 0.62.
- Five Below Inc (NASDAQ:FIVE) stock is up 1.8% in electronic trading, after Loop Capital upgraded the discount retailer to "buy" from "hold" while raising its price target to $145 from $120, in record-high territory. In the past month, FIVE has pulled back from its Feb. 12 five-month high of $133.65, but has found support at its 160-day moving average.
- Netflix, Inc. (NASDAQ:NFLX) stock is up 0.8% ahead of the bell, after the company's CEO Reed Hastings announced its programming will not be featured in Apple's (AAPL) new video service. NFLX recently bounced from a short-term floor around the $350 level, and has added 35% year-to-date.
- Shares of Tilray Inc (NASDAQ:TLRY) are up 3.3% in electronic trading, after the company's fourth-quarter revenue exceeded analyst estimates. Volume sales and the average selling price also surged. On the charts, the cannabis stock closed last night at $72.24, bringing its three-month gain to 9.6%.
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Factory orders are due today. Earnings from FedEx (FDX) and Tencent Music Entertainment (TME) will be released.
Asian Markets Muted Ahead of Fed, Autos Boost Europe
It was a muted session for Asian markets today, with traders mostly standing pat ahead of Wednesday's updated economic forecast from the U.S. Fed. By the close, China's Shanghai Composite was down 0.2%, South Korea's Kospi shed 0.09%, Japan's Nikkei gave up 0.08%, and Hong Kong's Hang Seng managed a gain of 0.2%.
Bulls have taken the reins in Europe at midday, led by automakers amid reports of a possible tie-up between France's Peugeot and Fiat Chrysler. Meanwhile, London-listed stocks are capitalizing on a weaker pound, with the currency backpedaling after parliamentary speaker John Bercow blocked a vote on Theresa May's Brexit deal until the prime minister submits substantial revisions to the proposal. At last check, the U.K.'s FTSE 100 is 0.6% higher, the French CAC 40 has gained 0.5%, and the German DAX is 1.1% higher.