Stocks are trying to hold their ground this morning after yesterday's pullback, with the Nasdaq especially strong.
The technology-heavy index is indicated to open higher by about 0.4 percent, while the S&P 500 is up about 0.3 percent. European markets have been edging up throughout the morning and are now slightly positive. Most Asian indexes were little-changed overnight, aside from Japan, which fell more than 1 percent after a week of impressive gains.
While the Nasdaq has lagged the broader market over the last three months, it has outperformed in the last week. The Russell 2000 small-cap index is also starting to gain momentum.
Investors are now holding waiting for politicians in Washington to strike a budget deal that would prevent painful tax increases and spending cuts at year-end. While there have been major signs of progress in the last week, stocks fell yesterday on worries that President Barack Obama would veto certain proposals by House Republicans.
There are also several economic reports today, led by weekly jobless claims and revised third-quarter GDP at 8:30 a.m. ET. Existing home sales, the FHFA Housing Price Index and the Philadelphia Fed Survey follow at 10:00 a.m. ET. (See related story )
Commodities and currencies are mixed but have turned more positive in the last hour. The euro and Australian dollar, which tend to follow broader sentiment, are both up slightly, while oil has fought back from earlier losses. Copper and most agricultural foodstuffs, however, are lower.
In company-specific news, NYSE Euronext will be active after reports that it is close to a deal to be acquired by IntercontinentalExchange. Allscripts Healthcare fell after firing its CEO and abandoning efforts to find a buyer. Bed Bath & Beyond is also down after issuing weak guidance.
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.