DJIA futures are signaling a triple-digit jump
Dow Jones Industrial Average (DJIA) futures are signaling a higher start to the week, with the index up triple digits ahead of the bell. Stocks are rebounding in step with oil prices, with October-dated crude futures up 1.4% at $43.64 per barrel, amid reports that major oil producers are nearing a deal to stabilize output, and as escalating tensions in Libya fuel expectations for a blip in the country's exports. While earnings and economic reports are relatively quiet today, investors are also preparing for key meetings for the Fed and Bank of Japan, both of which will conclude on Wednesday.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are about 103 points above fair value.
5 Things You Need to Know Today
- European stocks are sitting higher amid a rally in energy stocks.
- The Chicago Board Options Exchange (CBOE) saw 1,044,130 call contracts traded on Friday, compared to 674,824 put contracts. The resultant single-session equity put/call ratio fell to 0.65, while the 21-day moving average fell to 0.64.
- Infoblox Inc (NYSE:BLOX) is 15% higher ahead of the bell, after the company agreed to be bought by Vista Equity Partners for about $1.6 billion, or $26.50 per share -- a 16% premium to BLOX's closing price of $22.83 on Friday. The software concern popped earlier this month on rumors that it was putting up the "for sale" sign, and touched an annual high of $23.37 just last week.
- General Motors Company (NYSE:GM) is up 2.7% in pre-market trading, after an upgrade to "overweight" from "equal weight," as well as a price-target hike to $37 from $29 at Morgan Stanley. The automaker is currently engaged in last-minute negotiations with a Canadian union that could see a worker walk-out in at least two plants at midnight tonight if GM and the union aren't able to reach an agreement.
- GoPro Inc (NASDAQ:GPRO) is sitting up 5.7% in electronic trading, as the wearable camera maker prepares to reveal its new Karma Drone and Hero 5 Camera in a live-streaming event at noon ET. GPRO rose over 16% just last week as consumers anticipated the release of the new GPRO products.
Earnings and Economic Data
The National Association of Home Builders (NAHB) housing market index is the lone economic report on the docket. Ascena Retail Group (ASNA) will report earnings. To see what else is coming up on this week's schedule, click here.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check