DJIA futures are lower, with the Fed's September meeting minutes set for release
Dow Jones Industrial Average (DJIA) futures are indicating a lower open for U.S. stocks, as caution sets in after a
lackluster start to third-quarter earnings season. Traders are keeping a close eye on the dollar,
which has been strengthening ahead of today's highly anticipated Federal Open Market Committee (FOMC) September meeting minutes. This morning, New York Fed President William Dudley said domestic inflation expectations appear "well-anchored," and Kansas City Fed President Esther George is set to speak later in the day. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) will also be released today.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are almost 34 points below fair value.
5 Things You Need to Know Today
- Global stocks are struggling ahead of the release of the Fed's meeting minutes.
- The Chicago Board Options Exchange (CBOE) saw 650,116 call contracts traded on Tuesday, compared to 489,432 put contracts. The resultant single-session equity put/call ratio rose to 0.75, while the 21-day moving average edged up to 0.65.
- Data security stock Barracuda Networks Inc (NYSE:CUDA) looks set for a big day, after the company's fiscal second-quarter profit and revenue topped expectations. This would be nothing new for this stock, though, as CUDA has posted huge post-earnings gains during the past two quarters. As of Tuesday's close of $23.33, the shares were up nearly 25% in 2016.
- Fellow cybersecurity stock Fortinet Inc (NASDAQ:FTNT), meanwhile, is set to implode when the market opens. Specifically, the shares are down roughly 15% in electronic trading, after the company offered up lackluster an ugly earnings forecast. Several bearish analyst notes have since come through for FTNT, whose pre-market slide looks to be weighing on sector peers FireEye Inc (NASDAQ:FEYE) and Palo Alto Networks Inc (NYSE:PANW), as well.
- Elsewhere, yoga apparel maker Lululemon Athletica inc. (NASDAQ:LULU) is eyeing a continued slide, with the shares last seen 2% lower in electronic trading. LULU has been trending lower ever since its post-earnings bear gap last month. In fact, since its peak of $81.81 in August, the stock is down 30.6%, even with rumors it may be taken private.
Earnings and Economic Data
Traders will finally get to sink their teeth into some economic data today, when the JOLTS is released. On the earnings front, CSX Corporation (CSX) will step up to the mic. To see what else is coming up on this week's schedule, click here.
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