Stocks Are Again Cautiously Higher The Day Before Debt Ceiling Deadline

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Stock futures are modestly higher but 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 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

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

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This article appears in: Investing Commodities
Referenced Stocks: BAC , EBAY , IBM


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