The Fed's two-day meeting will kick off later today
Futures on the Dow Jones Industrial Average (DJI) are more than 300 points below fair value this morning, pausing the speedy rebound that has defined June so far. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futuresare also hovering in the red before the bell, as airline and cruise stocks -- recent champions of the market rally -- take a breather. Investor eyes will now turn to the two-day Federal Open Market Committee (FOMC) meeting that kicks off later today.Elsewhere, oil prices are extending their pullback, with July-dated crude futures off by 0.8% at $37.88 per barrel.
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A caution flag is waving for short-term equity option traders, according to Schaeffer's Senior V.P. of Research Todd Salamone.Movie theater stock boosted ahead of earnings later today. Plus, Boeing stock pauses rally, Coupa drops despite an upbeat quarterly report, and HDS bucking broad-market breather.Stocks in Asia were mostly higher today, as investors remained optimistic amid the easing of coronavirus lockdown measures. Leading the charge was Hong Kong's Hang Seng after it tacked on 1.1%, capturing its longest winning streak in 14 months.Meanwhile, China's Shanghai Composite added 0.6%, and South Korea's Kospi rose 0.2%. Japan's Nikkei, on the other hand, backpedaled 0.4%.
Stocks in Europe are off today, as investors analyze the prospects of post-coronavirus economic recovery; however, market optimists pointed toward improving economic signals such as last week's upbeat jobs report in the U.S. London's FTSE100 is making the most noise, last seen down 1.5%. Additionally, the German DAX also 1.5% lower, while France's CAC 40 is off 1.3%.