Stock Futures Rise to Kick Off Fed Week

Futures on the Dow Jones Industrial Average (DJI) are trading above fair value this morning, as Wall Street gears up for this week's Fed meeting. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are eyeing positive starts, too, as stocks try to extend last week's tailwinds. Meanwhile, there will be some economic data for traders to consider today, including the largest monthly drop ever in the Empire State manufacturing index for June, on top of big M&A headlines out of the healthcare sector.

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

• Options traders went wild for these 2 stocks.
• Why this sickle cell specialist sold off.
• Plus, today's big M&A deal; Starbucks' high price target; and analyst calls bottom on cybersecurity stock.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 904,100 call contracts traded on Friday, compared to 569,657 put contracts. The single-session equity put/call ratio was 0.63, while the 21-day moving average edged down to 0.67.
2. In M&A news this morning, Pfizer Inc. (NYSE:PFE) is buying cancer drug specialist Array Biopharma Inc (NASDAQ:ARRY) for $48 per share, compared to ARRY's Friday close of $29.59. This just adds to what's been a huge year for ARRY shareholders, as the shares were already trading at record highs.
   
3. Starbucks Corporation (NASDAQ:SBUX) received a big analyst note this morning, with Jefferies lifting its price target to a Street-high $96, saying it's not concerned about the coffee chain's China business. SBUX shares have been strong, hitting an all-time high on Friday, and put buying has been popular -- potentially pointing to hedging from shareholders.
4. Another interesting bull note was out of Mizuho on cybersecurity specialist Symantec Corporation (NASDAQ:SYMC), with the brokerage firm upping its opinion to "buy" from "neutral," while lifting its price target $1 to $23. The company last month reported an ugly earnings release that prompted one analyst to call the stock "dead money."
5. The week will kick off with the National Association of Home Builders (NAHB) housing market index, and Treasury International Capital (TIC) data. There are no earnings to report.
   
   

Overseas Markets Mostly Lower

All eyes overseas are fixed on the upcoming Fed meeting, too. Most markets were higher, with Hong Kong’s Hang Seng taking the lead on the 0.4% pop, as millions of protesters called for the resignation of top official Carrie Lam after she suspended the controversial extradition bill, but did not withdraw it. Elsewhere, China’s Shanghai Composite rose 0.2%, while Japan’s Nikkei was 0.03% higher. South Korea’s Kospi settled below breakeven, down 0.2%.

Markets in Europe are mostly lower. Germany’s DAX is inching into the red, after airline name Lufthansa lowered its full-year profit forecast, citing more competition and rising fuel costs. London’s FTSE 100 is down 0.2% after Conservative party candidate Boris Johnson set a firm date for Brexit proceedings for Oct. 31, regardless of a deal with the European Union. The French CAC 40 is slightly higher, however, up 0.2% as the Paris Air Show gets underway.