AI
Monday, October 29, 2007 7:05:29 PM
Market Update 071029
http://biz.yahoo.com/mu/update.html
4:25 pm : The dollar was weak and oil prices were up on Monday. Those developments might lead one to assume that the stock market went down. That assumption, though, would be wrong. The equity market basically picked up where it left off last week and traded higher in the face of these seemingly negative developments.
Regular readers of Briefing.com know that we don't put much stock in the weak dollar-weak stock market argument. In fact, we have argued that a moderate downtrend in the dollar is bullish for the stock market since it boosts the earnings of multinational companies and makes U.S. exports more competitive.
Granted the weak dollar is contributing to the rise in oil prices, but thus far, the consumer has been pretty impervious to the high prices thanks to rising personal incomes that are a byproduct of a tight labor market.
There are lingering concerns, of course, that rising oil prices will soon undercut the consumer given the housing sector recession, but those concerns were tabled on Monday as the stock market extended recent gains with oil prices topping $93 per barrel.
The latest move in oil (+1.8% to $93.53) followed news that Mexico shut down a fifth of its production (600k barrels per day) due to bad weather in the Gulf of Mexico.
Not surprisingly, the energy sector (+0.7%) was a relative strength leader today. The transports, on the other hand, trailed the action in noticeable fashion, but strikingly, the consumer discretionary sector (+0.3%) managed a gain on Monday thanks to many retailers and homebuilding stocks.
The resilient showing by the equity market can be attributed in part to the market's optimism that the FOMC will cut interest rates again at this week's meeting so as to prevent a recession from occurring. Briefing.com sides with the expectation that the fed funds rate will be cut by 25 basis points on Wednesday to 4.75%.
Despite the rate cut hopes, the financial sector (-0.1%) was a laggard in Monday's trade. Weakness in the thrifts & mortgage (-2.8%) industry group, though, was largely offset by strength in the investment banking group (+2.6%). Merrill Lynch (MER 67.42, +1.33) was a standout again as investors rallied around reports that CEO Stanley O'Neal may be on his way out.
The materials sector (+1.2%) was Monday's best-performing area as the decline in the dollar index (-0.3% to 76.84) continued to prop up stocks of companies that benefit from increased commodity prices/demand.
Separately, Dow component Verizon (VZ 45.99, +0.39) reported better-than-expected third quarter earnings that lent added support to the broader market. Cereal maker Kellogg (K 53.11, -1.33), on the other hand, weighed on the proceedings following an FY08 earnings forecast that noted food cost inflation concerns and which was disappointing relative to the current consensus view.DJ30 +63.56 DJTA -0.5% NASDAQ +13.25 SP500 +5.70 NASDAQ Dec/Adv/Vol 1475/1495/2.04 bln NYSE Dec/Adv/Vol 1356/1891/1.18 bln
3:30 pm : Heading into the final half hour of the session, the major indices are holding on to their session gains. The Dow Jones Industrial Average hit a fresh intraday high since the last update.
Boeing's (BA 96.04, +0.02) Board of Directors have approved a new $7 billion share repurchase plan and declared a dividend of 35 cents a share.
After the close, 43 companies are confirmed to report their earnings.
Tomorrow, the Conference Board will report the October Consumer Confidence at 10:00 ET. DJ30 +85.27 NASDAQ +13.19 SP500 +7.49 NASDAQ Dec/Adv/Vol 1489/1453/1.62 bln NYSE Dec/Adv/Vol 1431/1790/885 mln
3:00 pm : The major indices are trading with modest gains, as they have during the entirety of this session. Oil closed at a new record high, but its effect on the stock market has been muted.
Crude oil for December delivery closed the session higher by $1.69 to $93.57 per barrel. Reuters reports that former Fed Chairman Alan Greenspan said $100 oil would not be all bad as it would help the U.S. to break its oil dependence. Greenspan also said he expects more weakness in the real dollar rate, especially against the Chinese Yuan.DJ30 +66.41 NASDAQ +10.83 SP500 +6.19 NASDAQ Dec/Adv/Vol 1544/1402/1.50 bln NYSE Dec/Adv/Vol 1491/1713/816 mln
2:30 pm : The major indices traded near their intraday highs, but have since retreated to the middle of their intraday ranges.
Office Depot's (ODP 17.03, 3.26) stock has plummeted after the company announced this morning that it has delayed the distribution of its third quarter earnings release, previously scheduled to take place on October 30, 2007. The delay is due to an independent review by the Audit Committee of vendor program funds. The news influenced Credit Suisse and JPMorgan to downgrade the company. DJ30 +56.09 NASDAQ +13.83 SP500 +5.89 NASDAQ Dec/Adv/Vol 1472/1474/1.36 bln NYSE Dec/Adv/Vol 1312/1889/737 mln
2:00 pm : The major indices have had a small upward push due to a broad-based increase in buying interest. The major indices, though, are still off their session highs that were reached shortly after the opening bell. The recent gains have pushed the stock market slightly above its recent trading range.
The financial sector (-0.1%) continues to stand alone in negative territory, although it has pared the majority of its intraday losses.DJ30 +61.53 NASDAQ +16.08 SP500 +6.76 NASDAQ Dec/Adv/Vol 1465/1459/1.22 bln NYSE Dec/Adv/Vol 1373/1817/675 mln
1:30 pm : The major indices are trading in a tight range, modestly above their opening levels, as they have for most of the session. There has been a small amount of corporate news, and no economic releases this session.
23 of the 30 Dow Jones Industrial Average components are in the green. Exxon Mobil (XOM 94.02, +1.81), Alcoa (AA 40.28, +0.93) and IBM (IBM 114.63, +0.90) are providing leadership. Caterpillar (CAT 74.08, -0.96) 3M (MMM 85.33, -0.80) and JPMorgan (46.65, -0.67) are the main laggards.DJ30 +46.25 NASDAQ 10.70 SP500 4.61 NASDAQ Dec/Adv/Vol 1491/1410/1.13 bln NYSE Dec/Adv/Vol 1440/1745/621
1:00 pm : The stock market continues to trade with modest gains. Small-cap and mid-cap stocks are trailing their large-cap counterparts.
The dollar has weakened further. The Dollar Index is down 0.17%. Gold is up 0.4% to $790.70.
DJ30 +44.14 NASDAQ +9.12 R2K -0.2% SP400 +0.1% SP500 +4.09 NASDAQ Dec/Adv/Vol 1527/1349/1.03 bln NYSE Dec/Adv/Vol 1392/1760/558 mln
12:30 pm : The major indices have made some modest gains following a broad-based pickup in buying interest. The stock market is being held back from further gains due to the lagging of the heavily-weighted financial sector (-0.2%).
UBS AG (53.15, -0.68) is trading lower after it confirmed to investors that its third quarter loss will be in-line with a profit warning issued earlier this month, and also said further write-downs due to the U.S. mortgage-securities still holds possible. UBS, which is based in Switzerland, is not listed in the S&P indexes because it is a foreign company. DJ30 +54.13 NASDAQ +10.67 SP500 +5.58 NASDAQ Dec/Adv/Vol 1430/1422/921 mln NYSE Dec/Adv/Vol 1429/1711/501 mln
12:00 pm : The stock market opened in the green on momentum from last Friday's broad-based rally. The major indices have been somewhat choppy, but they have traded in a relatively tight range solely in positive territory.
Compared to the last few days, earnings reports were light this morning. Dow component Verizon (VZ 45.78, +0.18) topped the consensus EPS estimate by a penny and Humana (HUM 77.23, +1.60) beat by five cents. Cereal maker Kellogg (K 52.14, -2.30) beat by three cents, but is trading lower after it issued FY08 earnings guidance that was less than consensus expectations.
Merrill Lynch (MER 65.90, -0.19) is making headlines again. The Wall Street Journal reported that Merrill Lynch's chief executive, Stan O'Neal, was negotiating the terms of his forced departure yesterday afternoon, with his resignation expected to be announced as early as today. On October 24th, Merrill shocked the market after reporting a larger than expected third quarter loss of $2.85 per share following a massive $7.9 billion write-down in debt.
Crude oil for December delivery hit a new high of $93.20 in electronic trading. Prices were driven up following reports that Mexico has shut down a fifth of its production, which is equivalent to 600k barrels per day, due to weather concerns. Prices have since retreated and are now $92.26 per barrel.
Nine of the ten economic sectors are in the green. The materials (+1.1%), utilities (+0.7%) and energy (+0.7%) sectors are providing leadership. The financial sector (-0.5%) is the main laggard. The thrifts and mortgage industry (-3.3%), which had a huge rally on Friday, is weiging on the sector due to profit taking.
There are no economic releases today, but there is plenty for investors to think about due to the FOMC policy statement scheduled on Wednesday at 2:15 ET. Briefing.com expects a 25 basis point cut. DJ30 +38.12 NASDAQ +7.37 SP500 +2.91 NASDAQ Dec/Adv/Vol 1382/1448/817 mln NYSE Dec/Adv/Vol 1322/1802/444 mln
11:30 am : The indices are off their lows after making some modest gains, but are being held back from further advances by the trailing financial sector (-0.3%)
The thrifts and mortgage industry (-3.0%) is the main drag, as Countrywide (CFC 16.39, -0.91) and Fannie Mae (FNM 57.50, -2.03) succumb to profit-taking after Friday's rally. DJ30 +45.84 NASDAQ +10.80 SP500 +4.68 NASDAQ Dec/Adv/Vol 1388/1415/695 mln NYSE Dec/Adv/Vol 1401/1691/367 mln
11:00 am : The stock market has been choppy, although its ranges have been relatively tight. The major indices are still trading with slight gains, but they are near their lowest levels of session as the financial sector (-0.4%) continues to be a drag.
The energy sector (+0.8%) is outperforming due to the high crude oil prices and the leadership of Exxon Mobil (XOM 93.86, +1.67). Exxon is getting a boost due to reports that the Supreme Court will hear an appeal of the $2.5 billion award for the 1989 Exxon Valdez oil spill.
DJ30 +38.12 NASDAQ +4.78 SP500 +2.83 NASDAQ Dec/Adv/Vol 1361/1368/548 mln NYSE Dec/Adv/Vol 1349/1669/268 mln
10:30 am : Since the last update, the indices have had a broad-based decline, but are still posting slight gains. The influential financial sector (-0.1%) is in the red.
Merrill Lynch (MER 66.42. +0.33) is again making headlines. The Wall Street Journal reports that its chief executive, Stan O'Neal, was negotiating terms of his forced departure yesterday. On October 24th, Merrill shocked the market after reporting a larger than expected third quarter loss of $2.85 per share following a massive $7.9 billion write-down in debt. DJ30 +43.57 NASDAQ +7.00 SP500 +3.91 NASDAQ Dec/Adv/Vol 1181/1472/368 mln NYSE Dec/Adv 1070/1913
10:00 am : The major indices have had modest gains since the last update. All ten major economic sectors are in the green, with materials (+1.2%) and utilities (+1.0%) pacing the advance.
The Dow Jones Transportation Average (-0.3%) and the Amex Airline Index (-0.7%) are notable pockets of weakness due to the record crude oil prices.DJ30 +62.10 NASDAQ +18.02 SP500 +7.70
09:40 am : There has been a carryover of momentum from Friday's broad-based rally as the stock market opens on the upside. Humana (HUM), Verizon (VZ) and Kellogg (K) topped their earnings expectations.
News of Mexico shutting down a fifth of its oil production due to storm concerns has pushed crude oil futures to record levels. A barrel of crude is up 0.5% to $92.27.DJ30 +36.58 NASDAQ +15.49 SP500 +5.78
09:15 am : S&P futures vs fair value: +4.1. Nasdaq futures vs fair value: +9.3. There are no economic releases today.
09:00 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +10.0.
08:30 am : S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +11.0. Futures continue to point to an upbeat start. Kellogg (K) reported third quarter earnings that topped expectations. The company raised its FY07 earnings guidance by a penny, but guided its FY08 earnings below consensus. Crude oil hit as high as $93.20 in electric trading on news of Mexico shutting down a fifth of its production due to weather concerns. A barrel of crude oil is currently up 1.0% to $92.78.
08:00 am : S&P futures vs fair value: +5.8. Nasdaq futures vs fair value: +12.5. Futures point to a positive opening. The opening is being fueled by momentum from last week’s rally, a bullish bias in the foreign markets, and reports that a private equity firm considered buying out Sprint Nextel (S). Verizon (VZ) reported earnings that topped expectations.
06:23 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +13.0.
http://biz.yahoo.com/mu/update.html
4:25 pm : The dollar was weak and oil prices were up on Monday. Those developments might lead one to assume that the stock market went down. That assumption, though, would be wrong. The equity market basically picked up where it left off last week and traded higher in the face of these seemingly negative developments.
Regular readers of Briefing.com know that we don't put much stock in the weak dollar-weak stock market argument. In fact, we have argued that a moderate downtrend in the dollar is bullish for the stock market since it boosts the earnings of multinational companies and makes U.S. exports more competitive.
Granted the weak dollar is contributing to the rise in oil prices, but thus far, the consumer has been pretty impervious to the high prices thanks to rising personal incomes that are a byproduct of a tight labor market.
There are lingering concerns, of course, that rising oil prices will soon undercut the consumer given the housing sector recession, but those concerns were tabled on Monday as the stock market extended recent gains with oil prices topping $93 per barrel.
The latest move in oil (+1.8% to $93.53) followed news that Mexico shut down a fifth of its production (600k barrels per day) due to bad weather in the Gulf of Mexico.
Not surprisingly, the energy sector (+0.7%) was a relative strength leader today. The transports, on the other hand, trailed the action in noticeable fashion, but strikingly, the consumer discretionary sector (+0.3%) managed a gain on Monday thanks to many retailers and homebuilding stocks.
The resilient showing by the equity market can be attributed in part to the market's optimism that the FOMC will cut interest rates again at this week's meeting so as to prevent a recession from occurring. Briefing.com sides with the expectation that the fed funds rate will be cut by 25 basis points on Wednesday to 4.75%.
Despite the rate cut hopes, the financial sector (-0.1%) was a laggard in Monday's trade. Weakness in the thrifts & mortgage (-2.8%) industry group, though, was largely offset by strength in the investment banking group (+2.6%). Merrill Lynch (MER 67.42, +1.33) was a standout again as investors rallied around reports that CEO Stanley O'Neal may be on his way out.
The materials sector (+1.2%) was Monday's best-performing area as the decline in the dollar index (-0.3% to 76.84) continued to prop up stocks of companies that benefit from increased commodity prices/demand.
Separately, Dow component Verizon (VZ 45.99, +0.39) reported better-than-expected third quarter earnings that lent added support to the broader market. Cereal maker Kellogg (K 53.11, -1.33), on the other hand, weighed on the proceedings following an FY08 earnings forecast that noted food cost inflation concerns and which was disappointing relative to the current consensus view.DJ30 +63.56 DJTA -0.5% NASDAQ +13.25 SP500 +5.70 NASDAQ Dec/Adv/Vol 1475/1495/2.04 bln NYSE Dec/Adv/Vol 1356/1891/1.18 bln
3:30 pm : Heading into the final half hour of the session, the major indices are holding on to their session gains. The Dow Jones Industrial Average hit a fresh intraday high since the last update.
Boeing's (BA 96.04, +0.02) Board of Directors have approved a new $7 billion share repurchase plan and declared a dividend of 35 cents a share.
After the close, 43 companies are confirmed to report their earnings.
Tomorrow, the Conference Board will report the October Consumer Confidence at 10:00 ET. DJ30 +85.27 NASDAQ +13.19 SP500 +7.49 NASDAQ Dec/Adv/Vol 1489/1453/1.62 bln NYSE Dec/Adv/Vol 1431/1790/885 mln
3:00 pm : The major indices are trading with modest gains, as they have during the entirety of this session. Oil closed at a new record high, but its effect on the stock market has been muted.
Crude oil for December delivery closed the session higher by $1.69 to $93.57 per barrel. Reuters reports that former Fed Chairman Alan Greenspan said $100 oil would not be all bad as it would help the U.S. to break its oil dependence. Greenspan also said he expects more weakness in the real dollar rate, especially against the Chinese Yuan.DJ30 +66.41 NASDAQ +10.83 SP500 +6.19 NASDAQ Dec/Adv/Vol 1544/1402/1.50 bln NYSE Dec/Adv/Vol 1491/1713/816 mln
2:30 pm : The major indices traded near their intraday highs, but have since retreated to the middle of their intraday ranges.
Office Depot's (ODP 17.03, 3.26) stock has plummeted after the company announced this morning that it has delayed the distribution of its third quarter earnings release, previously scheduled to take place on October 30, 2007. The delay is due to an independent review by the Audit Committee of vendor program funds. The news influenced Credit Suisse and JPMorgan to downgrade the company. DJ30 +56.09 NASDAQ +13.83 SP500 +5.89 NASDAQ Dec/Adv/Vol 1472/1474/1.36 bln NYSE Dec/Adv/Vol 1312/1889/737 mln
2:00 pm : The major indices have had a small upward push due to a broad-based increase in buying interest. The major indices, though, are still off their session highs that were reached shortly after the opening bell. The recent gains have pushed the stock market slightly above its recent trading range.
The financial sector (-0.1%) continues to stand alone in negative territory, although it has pared the majority of its intraday losses.DJ30 +61.53 NASDAQ +16.08 SP500 +6.76 NASDAQ Dec/Adv/Vol 1465/1459/1.22 bln NYSE Dec/Adv/Vol 1373/1817/675 mln
1:30 pm : The major indices are trading in a tight range, modestly above their opening levels, as they have for most of the session. There has been a small amount of corporate news, and no economic releases this session.
23 of the 30 Dow Jones Industrial Average components are in the green. Exxon Mobil (XOM 94.02, +1.81), Alcoa (AA 40.28, +0.93) and IBM (IBM 114.63, +0.90) are providing leadership. Caterpillar (CAT 74.08, -0.96) 3M (MMM 85.33, -0.80) and JPMorgan (46.65, -0.67) are the main laggards.DJ30 +46.25 NASDAQ 10.70 SP500 4.61 NASDAQ Dec/Adv/Vol 1491/1410/1.13 bln NYSE Dec/Adv/Vol 1440/1745/621
1:00 pm : The stock market continues to trade with modest gains. Small-cap and mid-cap stocks are trailing their large-cap counterparts.
The dollar has weakened further. The Dollar Index is down 0.17%. Gold is up 0.4% to $790.70.
DJ30 +44.14 NASDAQ +9.12 R2K -0.2% SP400 +0.1% SP500 +4.09 NASDAQ Dec/Adv/Vol 1527/1349/1.03 bln NYSE Dec/Adv/Vol 1392/1760/558 mln
12:30 pm : The major indices have made some modest gains following a broad-based pickup in buying interest. The stock market is being held back from further gains due to the lagging of the heavily-weighted financial sector (-0.2%).
UBS AG (53.15, -0.68) is trading lower after it confirmed to investors that its third quarter loss will be in-line with a profit warning issued earlier this month, and also said further write-downs due to the U.S. mortgage-securities still holds possible. UBS, which is based in Switzerland, is not listed in the S&P indexes because it is a foreign company. DJ30 +54.13 NASDAQ +10.67 SP500 +5.58 NASDAQ Dec/Adv/Vol 1430/1422/921 mln NYSE Dec/Adv/Vol 1429/1711/501 mln
12:00 pm : The stock market opened in the green on momentum from last Friday's broad-based rally. The major indices have been somewhat choppy, but they have traded in a relatively tight range solely in positive territory.
Compared to the last few days, earnings reports were light this morning. Dow component Verizon (VZ 45.78, +0.18) topped the consensus EPS estimate by a penny and Humana (HUM 77.23, +1.60) beat by five cents. Cereal maker Kellogg (K 52.14, -2.30) beat by three cents, but is trading lower after it issued FY08 earnings guidance that was less than consensus expectations.
Merrill Lynch (MER 65.90, -0.19) is making headlines again. The Wall Street Journal reported that Merrill Lynch's chief executive, Stan O'Neal, was negotiating the terms of his forced departure yesterday afternoon, with his resignation expected to be announced as early as today. On October 24th, Merrill shocked the market after reporting a larger than expected third quarter loss of $2.85 per share following a massive $7.9 billion write-down in debt.
Crude oil for December delivery hit a new high of $93.20 in electronic trading. Prices were driven up following reports that Mexico has shut down a fifth of its production, which is equivalent to 600k barrels per day, due to weather concerns. Prices have since retreated and are now $92.26 per barrel.
Nine of the ten economic sectors are in the green. The materials (+1.1%), utilities (+0.7%) and energy (+0.7%) sectors are providing leadership. The financial sector (-0.5%) is the main laggard. The thrifts and mortgage industry (-3.3%), which had a huge rally on Friday, is weiging on the sector due to profit taking.
There are no economic releases today, but there is plenty for investors to think about due to the FOMC policy statement scheduled on Wednesday at 2:15 ET. Briefing.com expects a 25 basis point cut. DJ30 +38.12 NASDAQ +7.37 SP500 +2.91 NASDAQ Dec/Adv/Vol 1382/1448/817 mln NYSE Dec/Adv/Vol 1322/1802/444 mln
11:30 am : The indices are off their lows after making some modest gains, but are being held back from further advances by the trailing financial sector (-0.3%)
The thrifts and mortgage industry (-3.0%) is the main drag, as Countrywide (CFC 16.39, -0.91) and Fannie Mae (FNM 57.50, -2.03) succumb to profit-taking after Friday's rally. DJ30 +45.84 NASDAQ +10.80 SP500 +4.68 NASDAQ Dec/Adv/Vol 1388/1415/695 mln NYSE Dec/Adv/Vol 1401/1691/367 mln
11:00 am : The stock market has been choppy, although its ranges have been relatively tight. The major indices are still trading with slight gains, but they are near their lowest levels of session as the financial sector (-0.4%) continues to be a drag.
The energy sector (+0.8%) is outperforming due to the high crude oil prices and the leadership of Exxon Mobil (XOM 93.86, +1.67). Exxon is getting a boost due to reports that the Supreme Court will hear an appeal of the $2.5 billion award for the 1989 Exxon Valdez oil spill.
DJ30 +38.12 NASDAQ +4.78 SP500 +2.83 NASDAQ Dec/Adv/Vol 1361/1368/548 mln NYSE Dec/Adv/Vol 1349/1669/268 mln
10:30 am : Since the last update, the indices have had a broad-based decline, but are still posting slight gains. The influential financial sector (-0.1%) is in the red.
Merrill Lynch (MER 66.42. +0.33) is again making headlines. The Wall Street Journal reports that its chief executive, Stan O'Neal, was negotiating terms of his forced departure yesterday. On October 24th, Merrill shocked the market after reporting a larger than expected third quarter loss of $2.85 per share following a massive $7.9 billion write-down in debt. DJ30 +43.57 NASDAQ +7.00 SP500 +3.91 NASDAQ Dec/Adv/Vol 1181/1472/368 mln NYSE Dec/Adv 1070/1913
10:00 am : The major indices have had modest gains since the last update. All ten major economic sectors are in the green, with materials (+1.2%) and utilities (+1.0%) pacing the advance.
The Dow Jones Transportation Average (-0.3%) and the Amex Airline Index (-0.7%) are notable pockets of weakness due to the record crude oil prices.DJ30 +62.10 NASDAQ +18.02 SP500 +7.70
09:40 am : There has been a carryover of momentum from Friday's broad-based rally as the stock market opens on the upside. Humana (HUM), Verizon (VZ) and Kellogg (K) topped their earnings expectations.
News of Mexico shutting down a fifth of its oil production due to storm concerns has pushed crude oil futures to record levels. A barrel of crude is up 0.5% to $92.27.DJ30 +36.58 NASDAQ +15.49 SP500 +5.78
09:15 am : S&P futures vs fair value: +4.1. Nasdaq futures vs fair value: +9.3. There are no economic releases today.
09:00 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +10.0.
08:30 am : S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +11.0. Futures continue to point to an upbeat start. Kellogg (K) reported third quarter earnings that topped expectations. The company raised its FY07 earnings guidance by a penny, but guided its FY08 earnings below consensus. Crude oil hit as high as $93.20 in electric trading on news of Mexico shutting down a fifth of its production due to weather concerns. A barrel of crude oil is currently up 1.0% to $92.78.
08:00 am : S&P futures vs fair value: +5.8. Nasdaq futures vs fair value: +12.5. Futures point to a positive opening. The opening is being fueled by momentum from last week’s rally, a bullish bias in the foreign markets, and reports that a private equity firm considered buying out Sprint Nextel (S). Verizon (VZ) reported earnings that topped expectations.
06:23 am : S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: +13.0.
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