Dow Jones Industrial Average Futures Rise as Trump Security Officials Face Senate
Dow Jones Industrial Average (DJIA) futures are trading above fair value, following two straight down days for the blue-chip index. Traders have been waiting on the sidelines ahead of tomorrow's onslaught of global events that have the potential to spark stock market volatility. Today, though, several high-ranking members of President Donald Trump's national security team -- including acting FBI Director Andrew McCabe and Deputy Attorney General Rod Rosenstein -- are slated to testify in front of the Senate Intelligence Committee, against the backdrop of media reports suggesting Attorney General Jeff Sessions has been clashing with Trump. Meanwhile, July-dated crude futures are trading down 0.8% at $47.83 per barrel ahead of U.S. inventory data.
Continue reading for more on today's market, including:
Schaeffer's Senior Quantitative Analyst Rocky White investigates what this rare S&P streak could mean for stocks.The takeover talk that sent this solar stock higher.2 reasons Wedbush thinks Tractor Supply stock is at a prime entry point.Plus, AMD stock surge set to continue; Tesla shareholders weigh in; and more store closings for Sears.
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 842,134 call contracts traded on Tuesday, compared to 497,741 put contracts. The single-session equity put/call ratio jumped to 0.59, and the 21-day moving average dropped to 0.61.Advanced Micro Devices, Inc. (NASDAQ:AMD) shares got a lift yesterday on news the company's chips would be used in Apple's iMac Pro, with demand for its graphics cards driven by bitcoin miners. After closing up 7% on Tuesday, AMD is 2.6% higher in electronic trading.Tesla Inc (NASDAQ:TSLA) shareholders voted against declassifying the car maker's board of directors, a move proposed by the Connecticut Retirement Plans and Trust Funds to increase accountability. After hitting a record high on Tuesday, TSLA stock is trading up 0.7% ahead of the bell.Sears Holdings Corp (NASDAQ:SHLD) said it will close 66 more Kmart and Sears stores, bringing its total number of closures to 180 so far this year. Despite a late-May earnings bull gap, SHLD stock is down 29% year-to-date, and is 1.7% lower in pre-market trading.The regularly scheduled weekly crude inventories and consumer credit data will be released. ABM Industries (ABM), Cherokee (CHKE), and Tailored Brands (TLRD) will report earnings.
Overseas Trading
It was another mixed session for Asian stocks, as Thursday's docket of high-profile events -- including the parliamentary election in the U.K. and testimony from former FBI Director James Comey in the U.S. -- continue to hold global markets captive. China's Shanghai Composite still had a standout session, however, rising 1.2%. This came after a number of listed companies urged employees to buy stocks. Japan's Nikkei also closed above breakeven, edging up 0.2%, though a stronger yen capped stocks' upside. Meanwhile, Hong Kong's Hang Seng and South Korea's Kospi both closed lower, with respective losses of 0.1% and 0.4%.
Major stock indexes are also mixed in Europe, despite a big day from banks following news that Spain's Santander is buying Banco Popular. Of course, investors are also taking note of tomorrow's European Central Bank (ECB) meeting, with ECB President Mario Draghi and his fellow central bankers expected to temper their dovish tone. France's CAC 40 is leading the way so far, up 0.8% and snapping back from a two-day losing streak. Germany's DAX is also higher, up 0.1%, even after new factory orders for April disappointed. In London, the FTSE 100 is down 0.1%.