U.S. stocks are poised to open higher today as oil advances and
the dollar weakens.
S&P 500 futures are higher by almost 0.2 percent, while most
indexes in Europe are little-changed. Asian stocks posted small
gains overnight after the U.S. markets rebounded from early losses
There are no important economic releases or news events scheduled
for today. Traders instead will be considering whether to put money
to work in stocks and other risk assets on the heels of a modest
pullback this week.
Investors have increasingly viewed the glass as half-full,
tolerating uncertainty in Europe and hoping for a positive outcome.
This was especially the case yesterday, when economic data was
mostly poor but buyers quickly stepped in.
The Financial Times additionally buoyed sentiment by reporting that
Spanish officials were working behind the scenes to secure a
bailout for their debt-laden country. Today is also a
"quadruple-witching" day, with contracts for stock index futures,
stock index options, single-stock options, and single-stock futures
Energy and currencies of commodity exporters are showing the most
strength today. Crude oil is higher by more than 0.75 percent,
while gold, silver, copper and platinum are all seeing small gains.
Agricultural foodstuffs including wheat, soybeans, and corn are
The Australian dollar and Canadian dollar, which tend to follow
commodities, are higher against the greenback. The euro is modestly
higher while the yen is edging lower, which are consistent with a
risk-taking pattern as well.
In company-specific news, Apple is indicated to open near a record
high above $703 amid continued strong demand for its new iPhone 5.
Oracle is slightly higher despite weak sales of computer hardware
following its purchase of Sun Microsystems. Tibco Software also
reported weak revenue and issued a disappointing outlook.
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