Stock Futures Cautiously Higher Ahead Of Powell Hearing
Dow Jones Industrial Average (DJIA) futures are cautiously higher this morning, after the index touched a record high yesterday. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also pointed higher, with the indexes hoping to extend their recent journey into uncharted territory. Traders are digesting data on Cyber Monday sales, which are estimated around $6.6 billion -- the largest ever online U.S. shopping day. In addition, markets will be eyeing the Senate Banking Committee confirmation hearing for Fed Chair nominee Jerome Powell, and the Republican tax bill will face a procedural vote today.
Continue reading for more on today's market, including:
Schaeffer's Senior V.P. of Research Todd Salamone outlines 2 levels to watch for an overbought Nasdaq. Bitcoin helped this stock hit a five-year high.Square stock suffered a rare hiccup yesterday.Plus, a big restaurant merger; Emerson pulls its takeover bid; and Pfizer's cancer drug data. 
5 Things You Need to Know TodayThe Chicago Board Options Exchange (CBOE) saw 823,800 call contracts traded on Monday, compared to 505,182 put contracts. The single-session equity put/call ratio fell to 0.61, while the 21-day moving average remained at 0.63. Buffalo Wild Wings (NASDAQ:BWLD) stock is pointed 6.6% higher ahead of the bell, after Roark Capital-backed Arby's Restaurant Group agreed to pay about $2.4 billion to buy the fast-casual chain. BWLD stock gapped higher earlier this month amid rumors of a Roark takeover bid.Rockwell Automation (NYSE:ROK) stock is down 1.9% ahead of the bell, after Emerson Electric (EMR) withdrew its $225-per-share bid to buy the electronics stock. Emerson cited Rockwell's unwillingness to engage in merger talks as reasons for backing out. ROK stock has added 42% year-to-date, and touched a record high of $210.09 on Oct. 31. However, the shares have dropped nearly 5% so far in November -- what is usually a strong month for the electronics stock.Pfizer Inc. (NYSE:PFE) stock is down 0.9% in electronic trading, after a Phase 3 trial of JAVELIN Gastric 300 -- a gastric cancer treatment jointly developed with Merck (MRK) -- did not meet its goals. PFE stock has added 12% over the last 52 weeks, and touched an annual high of $36.78 on Oct. 23.
International trade data, the S&P CoreLogic Case-Shiller home price index, and consumer confidence will hit the Street. Additionally, New York Fed President William Dudley will once again take to the stage, while Autodesk (ADSK), Marvell Technology (MRVL), and Momo (MOMO) will report earnings.
Overseas Trading
It was a mixed finish in Asia today, as traders kept a close eye on retreating oil prices. In Japan, the Nikkei slipped 0.04%, after textile manufacturer Toray Industries sold off on news one of its subsidiaries falsified data over an eight-year time span. This overshadowed a surge in defense stocks, which got a lift from reports North Korea could be preparing for another ballistic missile launch. Additionally, SoftBank was in focus, after the telecommunications firm reportedly offered to buy Uber shares at a 30% discount to their most recent valuation. Elsewhere in the region, Hong Kong's Hang Seng edged down 0.02%, though China's Shanghai Composite and South Korea's Kospi each tacked on 0.3%.
European markets are higher at midday, as oil stocks rise ahead of Thursday's OPEC meeting -- with Royal Dutch Shell shares up on news the energy firm is cancelling its scrip-dividend program. Financial shares are in the spotlight, too, after the Bank of England's (BoE) stress tests showed no banks needed to raise additional capital, while data from the European Central Bank (ECB) showed private-sector lending in the eurozone rose last month. At last check, London's FTSE 100 was up 0.7%, the French CAC 40 was flirting with a 0.5% lead, and the German DAX was 0.3% higher.