Stock Futures Up On Temporary Spanish Reprieve. Stocks to Watch: VOD, MU, BIDU, ARNA, CHK, AA, GRPN

Wall Street signStock 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 [Read more...]

Stock Futures Higher on Global Easing. Stocks to Watch: SIRI, FB, BIDU, ZNGA, AMZN, CHK

Wall Street signAll eyes will be on Fed chairman Ben Bernanke after China joined the global easing party overnight by cutting lending and deposit rates by 25 bps. Investors are obviously counting on some sort of easing as futures are extending the gains of yesterday’s bull market. Dow futures are up 66 points, Nasdaq futures are adding 16 and the S&P 10 points.

Bernanke is scheduled to testify before a congressional panel at 10am EST. Investors are hoping that he drops further hints about QE3. Analysts say that if he does the risk rally of the past two days will continue.

In Europe, a Spanish debt auction went off without a hitch though borrowing costs continued to rise. Strong demand saw the auction exceed its sale target of one to two billion euros. Sign Up For Free Stock Alerts

On the economic data front, jobless claims are slated for release at 8:30am EST. The employment picture has become bleaker as of late with an uptick in unemployment. It will definitely be an index to continue to watch for those hoping for a return of QE. [Read more...]

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