Dow Futures Point to Second Straight Down Day

Futures on the Dow Jones Industrial Average (DJI) are trading below fair value today after the index snapped its win streak on Tuesday. Investors this morning are monitoring the tame consumer price index (CPI) for May, which again pointed to soft underlying inflation -- likely increasing chatter about a potential interest rate cut from the Fed. With little else to consider aside from lingering trade uncertainty, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are pacing for lower opens, as well.

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

• Schaeffer's Senior Quantitative Analyst Rocky White has data to help you trade the next Fed meeting.
• The energy stock bulls should consider.
• Speculators gear up for Lululemon earnings.
• Plus, today's big pre-market loser; Chipotle stays hot; and online retailer gets a bull note. 

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 939,542 call contracts traded on Tuesday, compared to 614,894 put contracts. The single-session equity put/call ratio moved up to 0.65, while the 21-day moving average was 0.69.
2. Dave & Buster's Entertainment Inc (NASDAQ:PLAY) is one of the biggest pre-market movers, pacing for a 19% decline at the open. The shares are being hit by the company's weak same-store sales for the first quarter, and a lowered full-year forecast. These losses would have PLAY stock at a 52-week low.
3. Brokerage firm Evercore ISI began coverage on Chipotle Mexican Grill, Inc. (NYSE:CMG) with an "outperform" rating and $825 price target. This follows CMG's three-year high yesterday, as buyers return following fears of potential tariffs on Mexico. The stock's up 69% in 2019.
4. Another name receiving positive analyst attention is Farfetch Ltd (NYSE:FTCH), the online luxury apparel stock that went public in the U.S. back in September. The company yesterday announced it was launching a store on JD.com, and overnight KeyBanc started coverage with an "overweight" rating and $27 price target, compared to Tuesday's close of $21.
5. Today's schedule features weekly crude inventories data and the Treasury budget, as well as data on MBA mortgage applications. Quarterly earnings reports are expected from LULU and Tailored Brands (TLRD).
   
   

Stocks in Asia, Europe Slide

Asian markets finished down as investors monitored the Dow’s swing lower. Hong Kong’s Hang Seng was the biggest loser, down 1.7%, amid violent protests against legislation that would allow extradition to China. China’s Shanghai Composite fell 0.6%, South Korea's Kospi was down 0.1%, and Japan’s Nikkei took off 0.4%, dragged down by SoftBank.

Renewed trade tension have European markets trading lower midday, too. The FTSE 100 in London is 0.8% lower as British American Tobacco sells off. The French CAC 40 is 0.9% lower, while the DAX in Germany has lost 0.7%.