Stocks are higher today, continuing their rebound from long-term lows as investors await key industrial data.
S&P 500 futures are up 0.2 percent but well below their pre-market peak four hours ago. Europe has traded similarly, with Germany turning negative while France and Italy are up about 0.8 percent. Tokyo and Hong Kong rose more than 1 percent overnight on hopes of government stimulus in the region.
Attention now turns to the Institute for Supply Management's manufacturing index at 10 a.m. ET, which is forecast to come in at 50.6. Initial jobless claims are also due at 8:30 a.m. ET.
The ISM number will be the third major economic headline this week. Consumer confidence beat expectations on Tuesday and ADP's private-sector payrolls report matched consensus yesterday. The Labor Department's key monthly employment report follows tomorrow morning.
Investors are watching for clues on when the Federal Reserve will raise interest rates. Weak readings will probably cause gloom about the economy and weigh on financials. Revised manufacturing data released overnight showed Chinese manufacturing down slightly less than initially estimated in September, while Europe matched estimates. Japan's Tankan business-confidence index fell more than expected.
The S&P 500 is trying to get back in gear after sliding 7.6 percent between June 30 and yesterday, its worst quarterly decline since the same period in 2011. The index has struggled as its former leader, health care, breaks down while other sectors such as materials and energy struggle with weak demand and heavy debt burdens.
Oil rose about 2 percent and copper is fractionally higher. The Australian dollar is the biggest mover in currency markets, surging more than half a percent on the Chinese data.
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.