By Bryan McCormick
U.S. stock index futures have been mostly flat through the early pre-market. Asian markets were positive but relatively muted, while European markets are off to a stronger start thanks in part to a successful bond auction in Spain.
As was the case yesterday, it is the peripheral countries that are rallying the most. The euro continues its rise against the dollar as traders become more confident that the European Central Bank and European Union will act to support troubled countries such as Portugal and Spain.
Agricultural commodities continue to rise today. The Agriculture Department yesterday sharply cut the supply outlook for corn and soybeans. Other commodities are trading flat after posting strong advances this week.
Stocks are trading very lightly ahead of economic releases this morning. Two exceptions are Marathon Oil (MRO) and Williams-Sonoma (WSM).
Marathon announced a plan to spin out Marathon Petroleum Corporation, and that has sent MRO shares up more than 11 percent. Williams-Sonoma upped its outlook for its fourth-quarter to well above consensus, boosting its stock more than 1 percent.
The key event of the day is likely to be Intel's earnings announcement. That will set the tone for the semiconductor sector in the after-market and tomorrow.
JP Morgan (JPM) reports tomorrow morning before the market opens. Looking ahead to next week, the earnings calendar becomes quite full with Apple (AAPL), Citigroup (C), and IBM (IBM) the key names to watch on Tuesday.
Disclosure: No position
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