Solid rally for Asian stocks overnight and stronger tone in Europe isn’t carrying much currency here in the US so far, based on indications from premarket stock futures.
Markets here pointed modestly higher open after Shanghai rose 4.5%, Tokyo up 1.8% and Hong Kong climbs 1.9%.
Energy stocks helped fuel the overseas moves after crude’s big gain yesterday, and prices are easing a bit this morning.
A few pieces of meaty economic data due, beginning with weekly jobless claims at 8:30am; August Philly Fed manufacturing index at 10:00am, should be interesting after big gain in NY Fed manufacturing data Monday; and July Conference Board LEI also at 10:00am.
S&P futures up 4.50; DJ futures up 26. Ten-year flat, yield at 3.46%.
August 20, 2009
Yeah I think the markets are in for a period of consolidation for a few more months.