Dow Stock Futures Rise Along with Oil Prices

Dow Jones Industrial Average (DJI) futures are signaling big gains this morning, ready to build off of yesterday's tech-fueled rally. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also confidently above fair value, as investors look for signs of a slowly reopening U.S. economy amid the coronavirus crisis. Oil prices appear ready to build off yesterday's five-day winning streak, with June-dated crude futures up 11.5% at $22.74 per barrel, at last check.

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

• Schaeffer's Senior V.P. of Research, Todd Salamone breaks down the SPY levels to watch this month.
• Options bulls are loading up on weekly Apple calls.
• Plus, Alaska Air grounded post-earnings; drug stock dinged by COVID-19 headwinds; and furniture name scores earnings and revenue beat.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.02 million call contracts traded on Monday, and 709,123 put contracts. The single-session equity put/call ratio slipped to 0.69, and the 21-day moving average fell to 0.63.
2. Alaska Air Group, Inc. (NYSE:ALK) is up 5% before the open, after the company reported a first-quarter loss of 82 cents per share, which came in higher than analysts' estimates, on $1.64 billion revenue, which missed Wall Street's mark. ALK was down 57% in 2020, heading into today.
3. Mallinckrodt PLC (NYSE:MNK) is down 1.6% ahead of the bell, despite the pharmaceutical company's earnings of $1.64 per share, topping estimates. Revenue missed its forecasts though, as Mallinckrodt acknowledged that the next few quarters will be difficult due to COVID-19.
4. The shares of Wayfair Inc (NYSE:W) are up 9.5% in electronic trading after the furniture retailer reported slimmer-than-expected losses of $2.30 per share for the first quarter. Wayfair stock boasts a whopping 150% quarterly gain thus far.
5. The trade deficit, Markit services PMI, and ISM non-manufacturing index are all on deck today. On the earnings docket are Walt Disney (DIS), Allstate (ALL), Beyond Meat (BYND), Cheesecake Factory (CAKE), Marathon Petroleum (MPC), and Pinterest (PINS).

European Stocks Climb as Lockdowns Eased

Markets in Asia were quiet on Tuesday, with China, South Korea, and Japan’s major indexes closed for holiday. Hong Kong’s Hang Seng rose 1.8%, however, despite the government’s announcement of its economy shrinking by 8.9% year-over-year in the first quarter, its largest drop on record -- or since 1974. 

In Europe, shares climbed today, led by the oil & gas sector, as countries ease lockdowns and restrictions due to coronavirus. News came that a top German court determined that the European Central Bank’s (ECB) government bond purchase program partially violates the law, but the decision will not affect coronavirus measures. At last check, the London FTSE is up 1.6%, the French CAC 40 tacking on 1.9%, while the German DAX is rising 1.8%.