Stocks Signal Upside Ahead of Quadruple Witching Friday
Dow Jones Industrial Average (DJIA) futures are trading more than 100 points above fair value, as stocks try to bounce back from yesterday's risk-off finish. Investors are hoping to see the much-awaited tax bill from congressional Republicans this afternoon, especially after Florida Senator Marco Rubio yesterday said he would vote "no" without a larger expansion of the child tax credit. On the economic front, the Empire State manufacturing survey for December missed expectations, while today also marks Quadruple Witching Friday. As it stands now, the Dow, S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all pacing for a weekly win.
Continue reading for more on today's market, including:
2 signs this power stock is a screaming buy. The Apple supplier to buy now, if history repeats.The big downgrade that stalled Valeant stock. Plus, CSX falls on CEO news; Oracle and Adobe stocks signal opposite post-earnings reactions. 
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 957,317 call contracts traded on Thursday, compared to 577,220 put contracts. The single-session equity put/call ratio rose to 0.60, while the 21-day moving average stayed at 0.59.Shares of CSX Corporation (NASDAQ:CSX) are down roughly 12% before the open, due to news the company's CEO Hunter Harrison -- who was hired earlier this year amid positive investor fanfare -- is taking a medical leave of absence for an undisclosed illness. CSX stock hit a record high of $58.35 just two days ago. Software firm Oracle Corporation (NYSE:ORCL) yesterday released fiscal second-quarter earnings that topped estimates on an adjusted basis, but the company's current-quarter outlook for its cloud business disappointed traders. ORCL shares are eyeing a 5.5% pullback at the open, which would have them testing the lower end of their price range from the second half of 2017. On the other hand, Adobe Systems Incorporated (NASDAQ:ADBE) is gaining 1.7% in pre-market trading, thanks to better-than-expected earnings. A number of price-target hikes have come through, too. However, this projected price action would be much less volatile than options traders expected. Industrial production and Treasury International Capital are due today, too. The earnings schedule is bare today, but the economic calendar next week is packed full of important data.
Overseas Trading
Stocks in Asia ended mostly lower today, following U.S. benchmarks into the red. Japan's Nikkei surrendered 0.6%, as a stronger yen weighed on exporters. Hong Kong's Hang Seng slid 1.1%, while the Shanghai Composite dropped 0.8%, as tech and bank stocks tumbled. South Korea's Kospi, meanwhile, bucked the regional trend, advancing 0.5% as blue-chip stocks gained steam.
Tax concerns in the U.S. are also being felt in Europe. A drop in retail stocks is also weighing on the indexes, following a disappointing sales report from H&M. At last check, France's CAC 40 was down 0.3%, while Germany's DAX was fractionally lower. On the other hand, the FTSE 100 is attempting to bounce back, up 0.1%.