DJIA futures are shrugging off another sell-off in Chinese stocks, ahead of tonight's start to earnings season
Trying to bounce back from a
historically bad week, the
Dow Jones Industrial Average (DJIA) is primed to pop at the open, with futures solidly higher despite another brutal trading day in China. Boosting the Dow is component Apple Inc. (NASDAQ:AAPL), which has tacked on 1.5% pre-market on upbeat Apple Music subscriber news. On the other hand, crude oil remains weak, with February futures down 1.2% at $32.78 per barrel. Looking ahead, one aluminum giant is on the rise this morning ahead of the start of fourth-quarter earnings season.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are nearly 79 points above fair value.
5 Things You Need to Know Today
- The People's Bank of China's (PBOC) latest effort to prop up the yuan fell flat, dragging China stocks sharply lower.
- The Chicago Board Options Exchange (CBOE) saw 805,323 call contracts traded on Friday, compared to 745,261 put contracts. The resultant single-session equity put/call ratio rose to 0.93, while the 21-day moving average held steady at 0.71.
- Alcoa Inc (NYSE:AA) -- which will unofficially kick off earnings season tonight -- is pointed 3.3% higher ahead of the bell, after the company scored a $1.5 billion supply contract with General Electric Company's (NYSE:GE) aviation unit. The shares should bounce off support in the $8 region, which contained their pullbacks in late 2015.
- Yahoo! Inc. (NASDAQ:YHOO) will reportedly spend another $3 billion to boost web content, sources told The New York Post. YHOO's management has been under fire recently, and last week it was reported that 10% of YHOO jobs are in jeopardy.
- General Motors Company (NYSE:GM) will be in the spotlight this week, with the company's ignition-switch trials underway. Defective switches were blamed for the recall of more than 2.5 million vehicles and 120 deaths.
Earnings and Economic Data
The economic calendar is quiet today, but Atlanta Fed President Dennis Lockhart and Dallas Fed President Rob Kaplan will speak. Alcoa (AA) will unofficially kick off earnings season, with quarterly results from Apollo Education (APOL) also on tap. To see what's up next on this week's agenda, click here.