Dow Jones Industrial Average Futures Falter; Oil Edges Higher

Dow Jones Industrial Average (DJIA) futures are trading below fair value this morning, after U.S. stocks finished Friday with their sixth consecutive win. Investors today are keeping a close eye on oil prices, with April crude futures reversing early losses to move fractionally higher at $39.52 per barrel. Earlier, Richmond Fed President Jeffrey Lacker weighed in on January's "firmer than expected" inflation numbers -- and Wall Street is looking ahead to speeches from a couple more Federal Reserve officials throughout the day, as well as a fresh round of housing data.

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

• Is FireEye Inc (FEYE) headed for $20?
• This software stock's post-earnings pop has Susquehanna anticipating record highs.
• The key Apple Inc. (NASDAQ:AAPL) level traders are watching ahead of today's product event.
• Plus... Chinese brokerage stocks rally, Marriott sweetens the deal, and Staples heads to court with the FTC.

Futures on the Dow Jones Industrial Average (DJIA) are more than 25 points below fair value.

5 Things You Need to Know Today

 

1. Stocks in China rallied after a move from China Securities Finance Corporation lifted the brokerage sector.
2. The Chicago Board Options Exchange (CBOE) saw 1.22 million call contracts traded on Friday, compared to 663,868 put contracts. The resultant single-session equity put/call ratio fell to 0.55, while the 21-day moving average slid to 0.68.  
3. Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) options traders are getting what they hoped for -- the company agreed to a revised bid from Marriott International Inc (NASDAQ:MAR). The offer values HOT at $79.53 a share, but the stock is up 5% in pre-market trading to hover just below $85.
4. Staples, Inc. (NASDAQ:SPLS) is heading to court today to move forward in its plans to take over competitor Office Depot Inc (NASDAQ:ODP). The Federal Trade Commission sued to block the buyout, but another acquisition in the works could help the SPLS/ODP merger go through.
5. United States Steel Corporation (NYSE:X) is down 3.7% in electronic trading after the company announced Friday evening that it will idle plants in three states, and lay off some 770 workers, amid tumbling steel prices. Meanwhile, Jefferies this morning downgraded X to "underperform."

Earnings and Economic Data

Existing home sales is the lone economic report on today's docket. On the Fed front, Atlanta Fed President Dennis Lockhart and St. Louis Fed President James Bullard will all step up to the mic. Mattress Firm (MFRM) and NQ Mobile (NQ) will hit the earnings confessional. To see what else is coming up on this week's agenda, click here.