Dow Jones Industrial Average Futures Up as Yellen Heads for Round Two

Dow Jones Industrial Average (DJIA) futures are trading modestly above fair value, as stocks try to build off yesterday's record-breaking session for the Dow. Investors will once again be keeping close tabs on Fed Chair Janet Yellen, who today will speak in front of the Senate Banking Committee. Also in focus are weekly jobless claims, which declined for the first time in a month, while the producer price index (PPI) came in just above the consensus estimate. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also higher, pointing to another up day for the U.S. stock market. 

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

• Call buyers pounced on the Snap stock sell-off. 
• 2 stocks that hit new highs yesterday. 
• The FDA rejection that crushed this biotech stock. 
• Plus, why Target's rally could find a quick end; Delta cools; and eBay takes aim at new highs.

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 821,639 call contracts traded on Wednesday, compared to 491,455 put contracts. The single-session equity put/call ratio moved down to 0.60, and the 21-day moving average stayed at 0.64.
2. Target Corporation (NYSE:TGT) is up 5.5% ahead of the open, after the company raised its current-quarter earnings and revenue outlook. However, TGT stock is still way removed from its Nov. 25 52-week high of $79.33, closing last night at $50.87. The shares could also struggle with near their 40-day moving average -- a trendline that ushered the equity lower from December through April.
3. Shares of Delta Air Lines, Inc. (NYSE:DAL) are pointed 2% lower in pre-market trading, after the company reported lower-than-expected second-quarter earnings. However, DAL stock rallied hard into the event, touching a record high of $55.75 on July 10. 
4. eBay Inc (NASDAQ:EBAY) could hit record highs today -- with the shares up 1.9% ahead of the bell -- thanks to news Shopify users will be able to list their products on the site directly from their account. A price-target hike to $40 from $36 at Maxim is only adding to the bullish bias. EBAY stock has had a great year, up 21.4% year-to-date. 
5. The U.S. Treasury budget and Fed balance sheet are due, while Federal Reserve Governor Lael Brainard is scheduled to speak.

Overseas Trading

Stocks in Asia took their bullish cues from the U.S., ending the session with solid gains. South Korea's Kospi closed up 0.7%, but not before hitting a record high in intraday action after the Bank of Korea kept its interest rate unchanged. Hong Kong's Hang Seng also notched a notable milestone -- topping out at a two-year high, before settling with a 1.2% gain. In China, the Shanghai Composite added 0.7% following a round of relatively upbeat trade data. Elsewhere, Japan's Nikkei eked out a 0.01% gain.

European benchmark's are mixed ahead of Yellen's second day of congressional testimony. While mining and telecom stocks are moving higher, the healthcare sector is struggling on news AstraZeneca's CEO is departing. At last check, the French CAC 40 is 0.5% higher, while the German DAX is flirting with a 0.1% lead. London's FTSE 100, however, is down 0.03%.