US dollar relinquishes a chunk of yesterday’s strong gains, euro recaptures some lost ground, so US stock futures point moderately higher premarket, along with gold and oil.
It continues to be a formulaic, mechanical trade and likely remains so at least until we hear from FOMC on Nov. 3. Another boatload of 3Q earnings in store, but currency movements look to still be a key influence on the overall equity market.
Notable names on today’s earnings calendar include Boeing, Morgan Stanley and Wells Fargo — all due before the open. UTX 3Q bottom line looks a little better than expected, but 4Q may be weaker as company’s full-year view is a couple pennies below Street’s estimate.
S&P futures up 4.20, DJ futures up 25. Ten-year note lower, yield at 2.48%.