U.S. stocks look to recover slightly this morning after a miserable day yesterday. The S&P 500 fell 14 points to a seven-month low of 1,050; since April 26 the index has lost nearly 14% of its value.
Ninety minutes before the opening bell, Dow futures are up 25 points to 9,819 and S&P 500 futures are 4.40 points higher at 1,052.40. The 2 year Treasury note yield is 2 basis points higher at 0.738% and the benchmark 10 year Treasury note is +4 basis points at 3.186%
WTI crude oil is down $0.32 to $71.12 per barrel, but Spot Gold is up $7.73 to $1,247.98.
Global equities are mixed. Stocks in Asia are up between 0.09% (China) to 0.56% (Hong Kong), but stocks in Europe are worse off with the FTSE 100 and CAC-40 off 0.91% and 0.90%, respectively.
No U.S. data will hit the markets this morning. Some of the positive sentiment stems from comments from Federal Reserve chairman Ben Bernanke, who last night spoke in Washington DC.
“There seems to be a good bit of momentum in consumer spending and
investment," Bernanke said. "My best guess is we'll have continued
recovery, but it won't feel terrific." Bernanke also said European leaders were committed to ensuring the survival of the euro and had enough money to meet obligations of heavily indebted member countries. READ MORE
Key Events Today:
Treasury Auctions:
- 11:30 ― 4-Week Bills
- 1:00 ― 3-Year Notes
