Stock Futures Point To Another Strong Open, But Gains Vulnerable As Debt Ceiling Looms


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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 ( EBAY ), IBM ( IBM ) and Bank of America ( BAC ) 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%


(+) 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.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: BAC , EBAY , IBM

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