Dow futures are trading above fair value, pointing to a strong start for stocks
U.S. stocks are set for a higher open this morning, with
Dow Jones Industrial Average (DJIA) futures trading above fair value.
The Fed could remain in focus today, with Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan both scheduled to speak. For economic data, the Job Openings and Labor Turnover Survey (JOLTS) will be released shortly after the open, while the earnings calendar will pick up after the close, with Walt Disney Co (NYSE:DIS) and
NVIDIA Corporation (NASDAQ:NVDA) set to report. As it stands now, the Dow could notch a third straight win, and more
record highs maybe in store for the
S&P 500 Index (SPX) and
Nasdaq Composite (COMP), but a historically low
CBOE Volatility Index (VIX) could grab headlines, too.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone: Are stocks due for a post-Fed rally?
- 2 Dow stocks flashing "buy" signals.
- The hedge fund news that had this little-known tech stock soaring.
- Plus, Valeant is surging; another drug stock set for a rebound; and Best Buy stock eyes new highs.
Futures on the Dow Jones Industrial Average (DJIA) are 33.7 points above fair value.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 901,718 call contracts traded on Monday, compared to 538,953 put contracts. The resultant single-session equity put/call ratio dropped to 0.60, while the 21-day moving average stayed at 0.68.
- Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is on pace to open 14.8% higher this morning, thanks to better-than-expected first-quarter results, and an upwardly revised full-year outlook. The move would put VRX stock above its 50-day moving average for the first time since Feb. 27.
- Shares of drugmaker Endo International plc - Ordinary Shares (NASDAQ:ENDP) are also gaining in pre-market trading, up 6.9%, after the company topped first-quarter earnings estimates. ENDP stock was in need of a big day, as it's been grinding lower since its 52-week high of $24.93 from August, closing Monday at $10.85.
- Retail stock Best Buy is also eyeing a strong open, with the shares rising 4.2% in electronic trading. It's not clear what's driving this price action, but BBY stock has been on fire over the past year, up 57%, and today's pending move would have the shares at a fresh 10-year high.
- Allergan (AGN), Canadian Solar (CSIQ), Electronic Arts (EA), Priceline (PCLN), Silver Wheaton (SLW), TripAdvisor (TRIP), and Yelp (YELP) will also be in the earnings spotlight today.
Overseas Trading
Asian stocks finished mostly higher, following Monday's monster gains. Hong Kong's Hang Seng jumped 1.3% amid a rebound in casino shares, while China's Shanghai Composite edged up 0.06%. On the flip side, Japan's Nikkei settled down 0.3%. Markets in South Korea were closed for the country's presidential election, with exit polls showing liberal candidate Moon Jae-in as the widely expected winner.
European markets are trading higher at midday, as mining stocks surge. The German DAX is up 0.6%, boosted by record-high trade data and a lower-than-expected drop in industrial production. Elsewhere, London's FTSE 100 is enjoying a 0.7% lead, while the French CAC 40 has tacked on 0.3%.