Credit: Shutterstock photoStock futures are pointing higher today amid increased confidence toward Europe.
The Nasdaq rose about 0.4 percent before the bell, while the Dow Jones Industrial Average and S&P 500 advanced 0.2 percen to 0.3 percent.
The gains are more dramatic across the Atlantic, where France and Germany are higher by about three-quarters of 1 percent. Asian stocks were mostly lower overnight, following yesterday's U.S. declines.
Spain had a good debt auction and German manufacturing data was slightly better than expected. Borrowing costs also declined for France and Italy.
Today's schedule remains busy with events as U.S. investors prepare for same-store sales, weekly jobless claims, and the Institute for Supply Management's manufacturing index. Federal Reserve Chairman Ben Bernanke will also return to Capitol Hill at 10 a.m. ET, and automakers will release monthly sales figures. (See related story )
Foreign exchange and commodities are mixed to slightly bullish. The euro edged lower against the U.S. dollar, while the Canadian and Australian currencies appreciated against the greenback. Those two are often associated with economic growth and risk-taking.
Most commodities are little-changed. Oil is up slightly, and silver has gained about half a percent after getting hammered yesterday. Agricultural foodstuffs are mixed.
Trading in currencies, precious metals and energy will probably remain on edge during Bernanke's testimony. Yesterday he triggered profit-taking in silver and gold after failing to endorse more liquidity injections into the U.S. economy.
In company-specific news, fiber-optic equipment maker Finisar reported revenue of just $243 million, missing the $263 million consensus estimate. It also forecast weak earnings and sales for the first quarter. FNSR is down 9 percent before the bell.
Auction house Sotheby's also dropped by 8 percent after its results missed estimates.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
