The Dow could take aim at a new record high today
Dow Jones Industrial Average (DJIA) futures are trading north of fair value, after the blue-chip index hit a
record high on Tuesday. All eyes will be on the Fed today. With a
rate hike already priced into the stock market, traders will turn their attention to Janet Yellen's press conference this afternoon to see if the Fed chair shines light on a timeline for future policy shifts and the central bank's plan to reduce its balance sheet. This morning, meanwhile, data showed retail sales fell 0.3% last month -- the biggest drop in over a year -- while the consumer price index dropped 0.1%.
Continue reading for more on today's market, including:
- The must-see data for Fed day.
- The China news that had this stock near the top of the Nasdaq.
- Shopify continues to defy skeptical options traders.
- Plus, Tesla can't be stopped; Alexion fills a key position; and, Boeing passes out pink slips.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 743,779 call contracts traded on Tuesday -- the fewest since April 19 -- compared to 479,193 put contracts. The single-session equity put/call ratio moved down to 0.64, and the 21-day moving average edged up to 0.62.
- Shares of Tesla Inc (NASDAQ:TSLA) are 0.8% higher in electronic trading, set to open the session at a new record high. Tesla stock hit an all-time peak yesterday following a pair of bullish developments for the electric car maker.
- Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) has named Biogen's Paul J. Clancy as its new chief financial officer, replacing outgoing Dave Anderson. ALXN stock is 5% higher in pre-market trading.
- Boeing Co (NYSE:BA) said it will lay off about 50 executives, as it restructures its defense, space, and security division. BA stock appears ready to build on its longer-term momentum -- having hit a record high on June 2 -- trading fractionally higher ahead of the bell.
- Traders will be awaiting the conclusion of the Fed meeting today. Business inventories data and weekly crude inventories will also be released. Jabil (JBL) and Liberty Tax (TAX) will report earnings.
Overseas Trading
Trading volume was light throughout Asia as investors awaited a Fed decision out of the U.S., and stocks struggled for gains. China's Shanghai Composite dropped 0.7% following a batch of mixed economic data. Specifically, data on factory output and retail sales for May both edged out expectations, but investors mostly focused on a disappointing update on investment data in the region. In Japan, the Nikkei dropped 0.1%, and South Korea's Kospi also fell 0.1%. Hong Kong's Hang Seng, though, managed a 0.1% gain.
European stocks, on the other hand, are posting modest gains at midday. The tech sector is providing the biggest lift, as it tries to recover from heavy losses in recent sessions. Plus, technology firm Hexagon AB is surging on reports it could put itself up for sale. At the top of the leaderboard is Germany's DAX, up 1.1%, while the French CAC 40 has added 0.7% and the FTSE 100 has gained 0.6%.