Dow Jones Industrial Average Futures Point to New Highs for Stocks

Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as stocks look to extend their Trump-inspired record highs from Thursday. Traders are busy digesting the latest earnings results from names like NVIDIA Corporation (NASDAQ:NVDA), and Wall Street is also awaiting a speech from Fed Vice Chairman Stanley Fischer and the release of the Thomson Reuters/University of Michigan consumer sentiment survey. Oil prices are also getting a lift, with March-dated crude futures up 1.7% at $53.92 per barrel, after the International Energy Agency (IEA) said members of the Organization of the Petroleum Exporting Countries (OPEC) have attained record compliance on promised production cuts. All the while, the Dow and its index peers look to finish out a strong week. 

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

• The solar stock that saw revenue nearly double last quarter. 
• Why analysts see record highs ahead for this drug stock.  
• Freeport-McMoRan Inc (NYSE:FCX) just flashed a "buy" signal. 
• Plus, NVIDIA gains, a booming video game stock, and Sears' well-received turnaround plan. 

Futures on the Dow Jones Industrial Average (DJIA) are almost 48 points above fair value. 

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 993,540 call contracts traded on Thursday, compared to 572,091 put contracts. The resultant single-session equity put/call ratio slid to 0.58, while the 21-day moving average edged down to 0.67.
2. Chipmaker NVDA is set to open 2% higher, after the company posted better-than-expected earnings and revenue for the fourth quarter. The move should put the stock near its all-time high from earlier this week, as analysts rush to raise their outlooks. For instance, Citigroup was one of several brokerage firms to raise its price target, setting the bar at $145 -- a 24.5% premium to last night's close at $116.38. 
3. Analysts are also raising their expectations for video game stock Activision Blizzard, Inc. (NASDAQ:ATVI), as it's set to add 10% after impressive fourth-quarter results. Most notably, Morgan Stanley set a price target of $54 -- in uncharted territory -- for ATVI, which closed Thursday at $39.73. Meanwhile, the earnings beat could deliver a huge blow to bearish options traders. 
4. Struggling retail chain Sears Holdings Corp (NASDAQ:SHLD) is pointed 22.5% higher in electronic trading, after the company reported earnings and announced a new restructuring plan that included reducing debt and pension obligations by $1.5 billion this year. Meanwhile, some of the stock's retail peers could also be due for a bounce. 
5. Import and export prices and the Treasury budget will also hit the Street today. Looking ahead speeches from Fed Chair Janet Yellen will be in focus next week. 

Overseas Trading

It was another positive finish for stocks in Asia, which tracked U.S. markets following Thursday's tax announcement from President Donald Trump. A rise in crude oil prices also gave energy stocks a boost across the region. Japan's Nikkei led the way, adding a hefty 2.5%, with a weaker yen proving a boon for exporters. The country's prime minister, Shinzo Abe, is headed to Washington today for a meeting with President Trump. In China, the Shanghai Composite added 0.4% on stronger-than-expected trade data, as well as Trump's apparent support of the "One China" policy, following a phone call with Chinese President Xi Jinping. Meanwhile, South Korea's Kospi climbed 0.5%, and Hong Kong's Hang Seng tacked on 0.2%.

Markets in Europe are mostly higher at midday, with mining stocks leading the gainers. Helping the sector was China's solid export data, as well as strong quarterly results from Luxembourg-based steelmaker ArcelorMittal. London's FTSE 100 is up 0.3%, as traders digest a narrowing trade deficit and upticks in industrial production and construction output. Germany's DAX has also added 0.3%. In France, the CAC 40 is essentially flat after the country's industrial production dropped 0.9% month-over-month in December.

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