Some traders may be showing caution ahead of next week's G-20 meeting
The S&P 500 Index (SPX) could be due to pull back today following a run to fresh highs on Thursday. Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are below fair value, too, with some traders potentially already turning their focus to next week's big G-20 meeting, where President Donald Trump is expected to meet with Chinese President Xi Jinping. Meanwhile, oil prices are on the rise again, as U.S.-Iran tensions remain elevated and headlines surface about an explosion at a gasoline refinery in Philadelphia. At last check, August-dated crude futures were trading up 0.7% at $57.48 per barrel.
Continue reading for more on today's market, including:

5 Things You Need to Know Today
-
The Chicago Board Options Exchange (CBOE) saw 1.15 million call contracts traded on Wednesday, compared to 599,359 put contracts. The single-session equity put/call ratio fell to 0.52, while the 21-day moving average was 0.66 again.
- J.P. Morgan Securities lowered its price target on Micron Technology, Inc. (NASDAQ:MU) to $50 from $64, expecting headwinds from this year's Huawei restrictions and tough pricing for memory chips. This comes ahead of MU's earnings release next Tuesday, June 25, and follows Huawei-related weakness in fellow semiconductor concerns Broadcom (AVGO) and Skyworks Solutions (SWKS).
- Blue chip Caterpillar Inc. (NYSE:CAT) also received negative analyst attention this morning, with Atlantic Equities downgrading the shares to "underweight" from "neutral." The brokerage firm is concerned about a slowdown in the global economy, and this comes after bearish trading had already picked up on CAT stock earlier this month.
- One name to watch in healthcare today is Regeneron Pharmaceuticals Inc (NASDAQ:REGN), after the company's investigational antibody -- developed with Sanofi (SNY) -- met its main goal in a Phase 2 study for controlling asthma, and iTs secondary goal to improve lung function. REGN shares hit 52-week lows earlier this month, but the round $300 level looks to be acting as a solid floor.
- In addition to quadruple witching, Markit's flash composite purchasing managers index (PMI), the Baker-Hughes rig count, and existing home sales data are all on tap. Plus, Fed Governor Lael Brainard and Cleveland Fed President Loretta Mester will speak. CarMax (KMX) closes out the week on the earnings front. Next week, the G-20 meeting will be the main focus.

Nikkei Hit By Weak Economic Data
Markets in Asia cooled off a bit today, as investors turned their attention toward rising geopolitical tensions in the Middle East. Japan’s Nikkei was hit the hardest with a 1% drop, after preliminary PMI data showed new orders fell to a three-year low this month. Hong Kong’s Hang Seng lost 0.3%, while the Kospi in South Korea fell 0.3%, dampened on disappointing exports data. The Shanghai Composite in China was the only major Asian index to sport a gain, up 0.5% for its best week since early April.
European markets are mixed midday, with London’s FTSE 100 up 0.2%, as energy shares gain. The French CAC 40 sits right below breakeven as financial stocks sell off with Natixis, while the German DAX is 0.1% lower.