The lack of economic data today has investors worried about consolidation after yesterday’s snapback rally. Investors are bracing for any disappointments that come out of reporting companies. The reverse is also true, any beats could be a near-term driver of the market to the upside. Dow futures are currently down 25 points. Nasdaq futures are nearly flat, down just over a point. The S&P 500 is off 2.5 points in pre-market trading.
Europe will come back into focus on Thursday as Spain tries to sell long term debt. The successful bond auction yesterday helped lead Europe and the US to sharp rallies. But the risks remain across the continent as nations grapple with short and long term budgetary concerns.
Asian markets tracked the US markets performance and ended their sessions mostly higher.
Commodities are a mixed bag this morning with oil and gold heading in opposite directions. Nymex crude futures are up on alleviated growth concerning, adding 7 cents to $104.27 per barrel. Gold prices are are slipping on the back of a strengthening dollar, down $6.60 to $1,644.70. [Read more...]