Stock Futures Signal New HighsAhead of Thanksgiving

By Karee Venema / November 22, 2017 / www.schaeffersresearch.com / Article Link

Dow Jones Industrial Average (DJIA) futures are trading above fair value ahead of what's expected to be a low-volume session. Nevertheless, a jam-packed economic calendar leaves plenty to digest for those lingering on Wall Street ahead of the Thanksgiving holiday. While early data showed durable goods unexpectedly fell 1.2% in October, the day's marquee event will be the 2 p.m. ET release of the minutes from the latest Fed meeting, as traders look for clues of a possible December rate hike. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also up, in what could be another record-setting day on Wall Street.

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

The best day to buy stocks after Black Friday, according to Schaeffer's Senior Quantitative Analyst Rocky White.Call buyers are pressing play on this gaming stock.This cloud stock has room to run.Plus, Yellen talks inflation; Meg Whitman hits the bricks; and Deere takes aim at new highs.

us stock futures chart nov 22


5 Things You Need to Know Today

The Chicago Board Options Exchange (CBOE) saw 927,766 call contracts traded on Tuesday, compared to 534,424 put contracts. The single-session equity put/call ratio fell to 0.58, while the 21-day moving average remained at 0.64.Speaking at an event last night at New York University, outgoing Fed Chair Janet Yellen said there is "some evidence" that inflation expectations have drifted lower. Yellen also cautioned that "removing policy accommodation too quickly risks leaving inflation below our target," though doing so "too slowly also has risks."Meg Whitman last night announced she is stepping down as CEO ofHewlett Packard Enterprise Co (NYSE:HPE). Her six-year tenure at the tech firm included the split of HPE and HP Inc (NYSE:HPQ), and she will be succeeded in February by HPE President Antonio Neri. HPE also reported stronger-than-forecast fiscal fourth-quarter earnings, while HPQ earnings matched the consensus estimate. Ahead of the bell, HPE stock is down 6%, while HPQ is off 5%.Deere & Company (NYSE:DE) is up nearly 5% in pre-market trading -- bucking a recent trend of post-earnings sell-offs -- and set to open the session at a record high. The farming equipment maker reported fiscal fourth-quarter earnings and revenue that were stronger than expected, and upwardly revised its 2018 revenue outlook.The busy day of economic data also includes consumer sentiment, the weekly crude inventories update, and the early release of weekly jobless claims due to the Thanksgiving holiday.

Stocks in the news today

Overseas Trading

Asian stock markets rose today, as the region's top indexes got a lift from the strong session in the U.S. The main highlight was a fresh high from Hong Kong's Hang Seng, which topped the 30,000 level for the first time in over 10 years after a 0.6% gain. Meanwhile, the Shanghai Composite in China also rose 0.6%. In Japan, the Nikkei added 0.5% as technology stocks outperformed, and South Korea's Kospi picked up 0.4%.

Stocks are mostly higher in Europe, as well. Energy and utility names are some of the top performers, while the travel sector dips following poor financial results from Thomas Cook. In the lead thus far is London's FTSE 100, which is up 0.5%. Also higher is the French CAC 40, last seen 0.3% above breakeven, though the German DAX has dropped 0.03%.

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