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 [Read more...]
