Dow Futures Higher With ECB, Retail Sales in the Spotlight

Futures on the Dow Jones Industrial Average (DJI) are pointed higher, as traders continue to digest yesterday's Fed rate hike, as well as the central bank's plans for two additional rate hikes in 2018. Likewise, the European Central Bank (ECB) today said it will likely wind down its quantitative easing program in December. Strong monthly retail sales are also bolstering stocks ahead of the bell. Meanwhile, after AT&T (T) was approved to purchase Time Warner (TWX), Comcast (CMCSA) put in a big bid for Twenty-First Century Fox (FOXA) assets -- topping Walt Disney's (DIS) recent offer.

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

• 2 chip stocks slammed with downgrades.
• Analyst: It's time to sell Yelp stock.
• This tech giant could hit fresh highs after earnings.
• Plus, ETSY surges; the medical concern handed a bull note; and Gap's latest leadership change.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1.12 million call contracts traded on Wednesday, compared to 606,372 put contracts. The single-session equity put/call ratio rose to 0.54, while the 21-day moving average remained at 0.57.
2. Etsy Inc (NASDAQ:ETSY) is up more than 9% in electronic trading, after the company lifted its 2018 revenue growth outlook, now expecting a 32%-34% raise. ETSY has been an outperformer this year, picking up 141% over the past 12 months, and touching a fresh three-year high of $34.21 on June 7.
3. Raymond James hiked its price target to $350 from $295 for ICU Medical, Incorporated (NASDAQ:ICUI) early this morning. The medical concern has also been a long-term outperformer, and just Wednesday touched a fresh record high of $307.30.
4. After yesterday's close, clothing concern Gap Inc (NYSE:GPS) named Neil Fiske -- former CEO of Eddie Bauer and Billabong International -- as its new president and CEO. GPS has been choppy over the past month, but has nearly filled May's post-earnings bear gap.
5. Today will feature weekly jobless claims, import and export data, and the Fed's balance sheet. Adobe Systems (ADBE), Finisar (FNSR), and Jabil (JBL) report earnings. 

European Stocks Higher on ECB Decision

Stocks pulled back in Asia today. Investors reacted to the Fed rate hike in the U.S. and a round of weak economic data in China. Starting there, industrial output and retail sales readings for May both fell short of expectations, as did a key indicator for construction activity for the first half of the year. China’s Shanghai Composite closed down 0.2% as a result, with Foxconn suffering notable losses. The Hang Sang, meanwhile, shed 0.9%. A stronger yen weighed on the Nikkei in Japan, which fell 1%, and South Korea’s Kospi closed down 1.8%.

In Europe, stocks have reversed course to trade higher following the ECB decision to end its bond-buying program in December. However, mining stocks, which often take cues from activity in China, are sliding on the disappointing data out of the Asian nation. Shares of Unilever are also under pressure, after the company warned about lower-than-anticipated sales. Still, the FTSE 100 was up 0.1% at last check, while the French CAC 40 has added 0.7% and the German DAX is up 0.4%.