Credit: Shutterstock photoStocks are higher this morning as tensions thaw in Ukraine and earnings come in strong.
S&P 500 futures are up 0.3 percent, following a wave of bullish sentiment in global markets. Europe is up by 0.8 percent to 1.5 percent, led by the higher-risk countries of Italy and Spain. Shanghai, Hong Kong, and Mumbai also climbed more than 1 percent overnight, while Tokyo added 0.8 percent.
The gains come after pro-Russian separatists in eastern Ukraine handed over flight recorders from a Malaysian airliner that crashed in their territory last week. The incident initially hurt sentiment as investors worried about potential conflict with Moscow.
The S&P 500 has consolidated for the last two weeks following a rally in May and June. It's also made higher lows along its 30-day moving average and has mostly remained above its 10-day moving average. That price action suggests its bullish uptrend remains intact.
In addition to the thaw in Europe, today's earnings are mostly positive. Comcast rose about 2 percent on better-than-expected profit. ARM Holdings is up almost 5 percent after reporting growth on its top and bottom lines. Sanmina also climbed yesterday afternoon after beating forecasts. Chipotle Mexican Grill is surging more than 10 percent after crushing estimates and raising guidance.
Today's events include consumer prices at 8:30 a.m. ET and the FHFA house-price index at 9 a.m. ET, followed by existing home sales and the Richmond Federal Reserve's activity index at 10 a.m. ET. Earnings continue to flow, with tech companies like Apple, Microsoft, Broadcom, Juniper Networks, Linear Technology, Xilinx, and Electronic Arts on the agenda for this afternoon.
Our researchLAB market scanner also shows strength in Latin American stocks, basic metals, providers of mobile chips, video games, and supermarkets. Fuel-cell makers , a small growth industry, have also been strong amid bullish call buying. Biotech names, Russian stocks, and ocean-shipping companies have lagged.
In other company-specific news, Ingersoll-Rand surged 5 percent to a new all-time high after raising its outlook. Apache also rose 5 percent after activist investor Jana Partners amassed a 1 percent stake in the energy company and asked for a change in strategy. Coca-Cola fell 1 percent after missing results.
Commodity and currency markets are reflecting bullish sentiment: Economically sensitive products like oil rose 0.5 percent and copper advanced 0.8 percent. Safe-haven assets such as gold and the Japanese yen retreated.
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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
