Energy, weak dollar boost stocks early

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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 yesterday.

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 all expiring.

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 also climbing.

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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.


This article appears in: Investing , Options

Referenced Stocks: SPX

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