Blue-Chip Earnings Boost Dow Futures

A round of well-received corporate earnings reports has the U.S. stock market signaling a positive start. Pre-market gains for blue chips Caterpillar (CAT), Verizon Communications (VZ), and United Technologies (UTX) have Dow Jones Industrial Average (DJI) futures trading well above fair value, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also up ahead of the bell, after Google parent Alphabet (GOOGL) posted a first-quarter profit beat, though concerns about growing expenditures are keeping a lid on the shares in pre-market trading. June-dated crude futures are higher, too, up 0.3% at $68.85 per barrel to hold near levels not seen since late 2014.

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

• Schaeffer's Senior V.P. of Research Todd Salamone explains why a VIX pop is still a stock market risk this week.
• Analyst: Sell this retail stock right now.
• The surging software stock crushing shorts.
• Plus, another Dow stock higher ahead of the bell; Freeport-McMoRan slips after earnings; and lots of economic data to digest today.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 902,235 call contracts traded on Monday, compared to 551,357 put contracts. The single-session equity put/call ratio fell to 0.61, while the 21-day moving average remained at 0.66.
2. The Coca-Cola Co (NYSE:KO) reported first-quarter adjusted profit of 47 cents per share on $7.63 billion in revenue -- both above the consensus estimates thanks to strong sales in its Diet Coke brand, which includes Coke Zero Sugar. The Dow stock is up 0.7% ahead of the bell -- and could take aim at a key moving average in today's trading.
3. Rising F-35 combat jet sales helped Lockheed Martin Corporation (NYSE:LMT) post a first-quarter adjusted profit beat of $4.02 per share on better-than-expected $11.64 billion revenue. The aerospace giant also raised its full-year forecast. LMT stock is 1.4% higher in electronic trading, closing in on its Feb. 16 record high of $363.00.
4. Freeport-McMoRan Inc (NYSE:FCX) reported lower-than-forecast first-quarter adjusted earnings of 46 cents per share on $4.87 billion in revenue, also below the average estimate, amid disappointing copper sales. After closing last night at $18.81 -- just below its year-to-date breakeven level -- FCX stock is down 1.7% in pre-market trading.
5. The S&P CoreLogic Case-Shiller home price index, new home sales, and data on consumer confidence will be released today. Barrick Gold (ABX), Biogen (BIIB), Centene (CNC), Cree (CREE), Eli Lilly (LLY), Equifax (EFX), Fifth Third Bancorp (FITB), iRobot Corporation (IRBT), JetBlue Airways (JBLU), Teck Resources (TECK), and Texas Instruments (TXN) will report earnings.

Rusal Stock Rally Lifts Hang Seng

Most Asian markets finished higher today, led by a nearly 2% gain for China's Shanghai Composite. The rally in mainland stocks was driven by the Politburo Standing Committee's (PSC) vow to "stick to a proactive fiscal policy," while simultaneously eying "bolder reform" in markets. Hong Kong's Hang Seng followed suit with a 1.3% gain, aided by a 43.4% pop in Moscow-headquartered Rusal on easing sanction concerns. Japan's Nikkei advanced 0.9% as the yen pared some recent gains, while South Korea's Kospi bucked the trend, dropping 0.4% on tech weakness after SK Hynix warned of waning demand for smartphone chips.

Stocks in Europe are just barely positive at midday. Well-received earnings from tech giant SAP are propping up the German DAX, which has gained 0.3% despite a steeper-than-forecast drop in the Ifo business climate index. Meanwhile, oil majors Total and Royal Dutch Shell are catching a lift from continued strength in Brent crude futures, which are on pace to close higher for the fifth time in the last six sessions. At last check, London's FTSE 100 had advanced 0.3%, while France's CAC 40 is 0.02% higher.