Stock futures are sharply higher again today but still treading
very lightly as the financial markets remain on edge while the
debate on raising the debt ceiling continues. Earnings from EBay (
), IBM (
) and Bank of America (
) will provide a distraction, but for the most part, it's all about
whether or not lawmakers can avoid a debt default on Thursday.
Safe-haven assets like gold and Treasuries are all higher as
investors continue to hedge against a potential default and/or
stock market rout.
European markets have reversed a four-day winning streak and are
capitulating to the global risk from a U.S. default with all three
of the major indices are in the red.
Today's economic data includes the NAHB housing market index for
October, expected to remain unchanged from the month prior. Later
in the afternoon, the Fed will release the Beige Book which details
economic conditions throughout the 12 Federal Reserve regions.
-Dow Jones Industrial up 0.44%
-S&P 500 futures up 0.57%
-Nasdaq 100 up 0.29%
Nikkei up 0.18%
Hang Seng down 0.46%
Shanghai Composite down 1.81%
FTSE-100 down 0.50%
DAX-30 down 0.19%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+) Chip stocks: higher
(+) Software stocks: higher
(+) Hardware stocks: higher
(+) Internet stocks: higher
(+) Drug stocks: higher
(+) Financial stocks: higher
(+/-) Retail stocks: mixed
(+) Industrial stocks: higher
(+) Airlines: higher
(+) Autos higher
NWBO (+10.88%) Oppenheimer initiated coverage with an Outperform
rating, $5 price target
MAT (+5.90%) Beat earnings estimates with EPS of $1.16 vs
estimates of $1.12
SWK (-10.74%) Missed earnings by $0.01
GWW (-1.94%) Earnings missed analysts' expectations the company
lowered the top end of its full-year revenue view.
LLTC (-3.16%) Reported Q1 non-GAAP earnings of $0.52, vs. the
analyst consensus of $0.46 per share on Capital IQ.