Stock Market Update 2010-09-17 09:15:00
9:15a ET September 17, 2010 (Briefing.com)
S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +11.00. The stock market is up more than 1% week-to-date, but resistance looms at the top end of the summer range, which happens to align with the closing levels of the early May flash crash. Futures for the S&P 500 had actually traded above those key levels overnight with help from strong earnings announcements and guidance from both Cisco (CSCO) and Research In Motion (RIMM). News of a hefty share repurchase plan and dividend raise from Texas Instruments (TXN) also helped. However, chatter this morning about the suspect quality of Ireland's debt has undermined the overnight mood so that only a modestly higher start to the session looks to be in order. The pullback in stock futures has coincided with a spike in the dollar, which primarily benefited from a drop in the euro, and a climb in Treasuries. Consumer price data has had no impact on premarket trade, but a consumer sentiment reading after the open could create some volatility. Volatility and volume are also likely to be induced by the expiration of options today.
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