Dow Jones Industrial Average Futures Fall with Oil as Fed Jitters Set In

Dow Jones Industrial Average (DJIA) futures are pointed lower, with today's kickoff of the Federal Open Market Committee (FOMC) meeting sparking a risk-off attitude. Stocks are also reacting to a fall in oil prices, with April-dated crude futures trading 2.7% lower at $36.17 per barrel. Against this backdrop, Dow futures are trading well below fair value this morning.

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

• Schaeffer's Senior VP of Research Todd Salamone warns of 2 risks to stocks this week.
• Why Cliffs Natural Resources Inc (NYSE:CLF) option bulls were out in force.
• How analysts triggered sharp losses for 2 athletic retailers.
• Plus... the Bank of Japan weighs in, Valeant prepares to dive after earnings, and a new opportunity for Lyft drivers. 

Futures on the Dow Jones Industrial Average (DJIA) are more than 92 points below fair value. 

5 Things You Need to Know Today

 

1. The Bank of Japan left its monetary policy unchanged, but said it may require future action to hit its inflation target.
2. The Chicago Board Options Exchange (CBOE) saw 603,636 call contracts traded on Monday, compared to 415,565 put contracts. The resultant single-session equity put/call ratio jumped to 0.69, while the 21-day moving average remained at 0.70.  
3.  Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is trading 18% lower in pre-market action -- fast approaching the massive swing the options market was expecting -- after the company reported lackluster earnings and cut its full-year revenue forecast.
4. General Motors Company (NYSE:GM) is again teaming up with Lyft -- this time to provide rental cars to the transportation start-up's drivers. However, GM is following stock futures lower, down 1.5% ahead of the bell.
5. Darden Restaurants, Inc. (NYSE:DRI) is little changed in electronic trading after activist investor Starboard Value cut its stake in the company to 5.2% from 6.2%, per an SEC filing. DRI has surged 21.5% since taking a bounce off its 80-week moving average last month.

Earnings and Economic Data

Retail sales, the producer price index (PPI), the Empire State manufacturing index, the NAHB housing market index, and business inventories will be released today, along with Treasury International Capital (TIC) data. The FOMC meeting will also kick off. Notable earnings reports will come from DSW (DSW), JA Solar (JASO), and Oracle (ORCL). To see what is else on this week's agenda, click here.