Dow Jones Industrial Average Futures Signal Fourth Straight Down Day

The Dow Jones Industrial Average (DJIA) is bracing for a fourth straight day of losses, with Dow futures trading below fair value at last check. Stocks continue to be pressured by the uncertainty surrounding the Federal Open Market Committee's (FOMC) upcoming policy decision, with the FOMC kicking off its two-day meeting today. Also stoking the risk-off backdrop is Thursday's monetary policy announcement from the Bank of Japan (BoJ) and next week's "Brexit" vote in the U.K.

While the interest-rate decision -- and more importantly, Fed Chair Janet Yellen's press conference -- aren't due until tomorrow, there's plenty of data on today's economic calendar to hold traders' attention. Specifically, retail sales rose by a bigger-than-expected 0.5% in May, while import prices jumped by the fastest rate since 2012. Business inventories are on tap later.

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

• Is the SPDR S&P 500 ETF Trust (SPY) on the brink of a "melt-up?" Schaeffer's Senior VP of Research Todd Salamone investigates.
• Why these 2 ETFs are in focus ahead of the "Brexit" referendum.
• How this blue-chip stock is proving skeptics wrong.
• Plus... German bond yields turn negative, Baidu's troubles deepen, and the drug stock staring at six-year lows.

Futures on the Dow Jones Industrial Average (DJIA) are 26 points below fair value.

5 Things You Need to Know Today
 

1. China bucked the global sell-off, while Germany's 10-year bond yields hit a record low on "Brexit" anxiety.
2. The Chicago Board Options Exchange (CBOE) saw 643,171 call contracts traded on Monday, compared to 482,939 put contracts. The resultant single-session equity put/call ratio fell to 0.75, while the 21-day moving average remained at 0.67. 
3. Baidu Inc (ADR) (NASDAQ:BIDU) is bracing for a 5% drop out of the gate, after the Chinese internet issue lowered its current-quarter revenue forecast, citing a drop in healthcare ad spending amid an ongoing regulatory investigation. In addition, BIDU was hit with a fresh round of bearish brokerage notes.
4. E-commerce company Amazon.com, Inc. (NASDAQ:AMZN) could be in hot water with U.S. regulators. Specifically, the Federal Aviation Administration (FAA) is proposing a $350,000 civil fine for AMZN, alleging the firm shipped hazardous materials. AMZN stock is down 0.4% in electronic trading, on pace to continue its retreat from record-high territory.
5. Australia-based biotech Mesoblast Limited (ADR) (NASDAQ:MESO) is on track to notch new six-year lows -- down 36% ahead of the bell -- and was halted earlier, after Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) withdrew its rights to MESO's heart failure treatment. Shares of TEVA -- which has faced regulatory scrutiny of late -- are little changed ahead of the bell.

Earnings and Economic Data

Retail sales, import and export prices, and business inventories data will be released today. The corporate earnings lineup includes Bob Evans (BOBE) and Yingli Green Energy (YGE). To see what else is coming up on this week's schedule, click here. 

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