Dow Jones Industrial Average Futures Drop Amid Fed Caution

Dow Jones Industrial Average (DJIA) futures are set to drop, after Federal Reserve Vice Chairman Stanley Fischer on Sunday said the central bank's inflation and unemployment targets were well within reach. Traders are exercising caution ahead of a speech by Fed Chair Janet Yellen on Friday, which could provide hints about the timing of the next rate hike. U.S. stocks are also keeping an eye on oil prices, as September-dated crude futures are down 2.6% at $47.28 per barrel, as supply glut worries resurface.

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

• Amid major C-Suite drama, the shares of Viacom, Inc. (NASDAQ:VIAB) are approaching a critical level.
• Why analysts expect a "significant increase in member growth and activity" for this social network.
• Goldman Sachs gave some major love to one furnishing retailer.
• Plus... Europe struggles with energy, Pfizer's $14 billion acquisition, and the latest Valeant shakeup.

Futures on the Dow Jones Industrial Average (DJIA) are 40 points below fair value.

5 Things You Need to Know Today
 

1. Struggling energy stocks are weighing on European markets today, with mining stocks also pulling markets lower.
2. The Chicago Board Options Exchange (CBOE) saw 939,736 call contracts traded on Friday, compared to 563,858 put contracts. The resultant single-session equity put/call ratio rose to 0.60, while the 21-day moving average remained at 0.62.
3. Medivation Inc (NASDAQ:MDVN) is set to soar 20% at the open, and touch record highs, after Pfizer Inc. (NYSE:PFE) announced plans to buy the firm for about $14 billion, or $81.50 per share. The offer is a notable premium to Sanofi SA's (ADR) (NYSE:SNY) bid in late April, which was ultimately rejected by MDVN.
4. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is poised to open up 3.3%, after naming Paul Herendeen, former Zoetis Inc (NYSE:ZTS) executive, as its new CFO. The pharmaceutical concern is attempting to regain investor confidence after its price gouging scandal last year, and amid legal drama with one of its major investors.
5. Syngenta AG (ADR) (NYSE:SYT) is set to open up 10.7%, after a U.S. national security panel cleared ChemChina's $43 billion takeover of the firm. If approved, it would be the biggest-ever acquisition made by a Chinese company.

Earnings and Economic Data

There are no notable economic reports slated for Monday. Scheduled to report earnings are NQ Mobile (NQ) and Zoe's Kitchen (ZOES). To see what else is coming up on this week's schedule, click here. 

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