Stock futures are higher this morning, though well off their overnight highs, after the Spanish bank bailout was announced. While it has bought Spain some time and space, the systemic issues remain and s a result bond yields are exploding both in Spain and Italy. This will likely only cause a re-bailout of a just bailed out country.
A quick snapshot of the futures market has Dow futures up 61, the Nasdaq 12 and the S&P up just under 6 points.
Domestically, expect the market to be driven by events out of Europe. The economic data calendar is clear, so the knee jerk reaction to headlines out of Europe will be in full effect on the street today. Sign Up For Free Stock Alerts
Internationally the news of a Spanish bailout was met with a euphoric rally that has since tempered as investors take a minute to think about the consequences of such a bailout. Global markets are still logging gains but have come off session highs.
Commodities are also enjoying a bit of the rally. Oil prices are up with Nymex crude futures gaining a dollar to regain the $85 per barrel level. Gold prices are also snapping back higher, up $3.40 to $1594.80 per ounce.
Stocks to Watch
Vodafone Group Public Limited Company (NASDAQ:VOD) is up 0.32% in pre market trading at $26.67. VOD has traded 124 thousand shares so far today and trades 8.1 million shares a day on average. VOD shares have rallied about $0.60 a share since last Wednesday following a near $1 drop early last week. The company has a market cap of 131.96 billion.
Micron Technology Inc. (NASDAQ:MU) is up 1.02% in pre market trading at $5.94. MU has traded 25 thousand shares so far today and trades 32.7 million shares a day on average. MU shares are up about $0.80 a share since last Monday. The company has a market cap of 5.82 billion. Sign Up For Free Stock Alerts
Baidu, Inc. (NASDAQ:BIDU) is up 2.12% this morning at $123.88. BIDU has traded nearly 27 thousand shares so far today and trades 4.8 million shares a day on average. BIDU shares have rallied as much as $10 a share over the past week as it neared $125 a share on Thursday. The company has a market cap of 42.37 billion.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up 2.42% this morning at $6.78. ARNA has traded 27 thousand shares so far today and trades 18.53 million shares a day on average. ARNA shares continue to trend higher as it approaches its June 27th PDUFA date for Lorcaserin. The company has a market cap of 1.21 billion.
Chesapeake Energy Corporation (NYSE:CHK) is up 1.36% in pre market trading at $18.61. CHK has traded 20 thousand shares so far today and trades 32 million shares a day on average. CHK shares are up more than $2 a share over the past five days. The company has a market cap of 11.79 billion.
Alcoa, Inc. (NYSE:AA) is up 0.94% in pre market trading at $8.60. AA has traded 23 thousand shares so far today and trades 24.3 million shares a day on average. AA shares have fallen about $0.30 a share to end last week. The company has a market cap of 9.09 billion. Sign Up For Free Stock Alerts
Groupon, Inc. (NASDAQ:GRPN) is unchanged this morning at $10.76. GRPN has traded 8 thousand shares this morning and trades 6.49 million shares a day on average. GRPN shares are up nearly $2 a share over the past week. The company has a market cap of 6.95 billion.
About Danny Fisher
