The market received a stick save in the form of an earnings beat by Alcoa. After yesterday’s route, Alcoa’s news brought a sense of calm to the market. Not to say the anxiety won’t return, but it was a good start to earnings season. Dow futures are currently up 73 points. Nasdaq futures are adding 16.25 points and the S&P 500 futures are up nearly 10 points.

Sentiment across the globe seems to be stabilizing thanks to the news. European markets are up today after a week of losses. Spanish and Italian bond yields are stable for the moment so it gives investors a chance to catch their breath and see which way the market is really heading. Asian stocks fell across the board over concern over Europe, but their reaction was coming after yesterday’s route of the EU and US markets.

On the economic data calendar, the Fed Beige Book is slated for release at 2pm EST. Import prices are also due out this morning.

In commodities, gold prices were retreating a bit in the face of the pre market rally. Gold is currently down nearly $3 to $1,658 per ounce. Oil prices are enjoying a snap back rally after getting hammered yesterday. Nymex crude futures are up 27 cents to $101.29.

Outside of the markets, a major earthquake just occurred in Indonesia, off the northern coast of Sumatra. An 8.6 struck followed by an 8.8. Both quakes prompted a tsunami warning throughout the region. [Read more...]