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Current Futures: Dow +33.00, S&P +3.50, NASDAQ +17.20
European markets are trading in the green as a number of companies reported better than expected results throughout the second quarter.
However, the S&P futures traded almost flat during the overnight session, after absorbing a 1% move higher in the after-market on Tuesday. S&P futures had a 3 points range (0.3%) during the overnight session, trading near to Tuesday’s high. Despite this, the S&P futures market had a very strong momentum during the late U.S. session, surging by almost 1% after Intel reported better than expected earnings throughout the second quarter. This lifted the Asian markets, and helped the technology stocks become the top gainers in Europe, something that does not happen too often in the current economic climate.
The German Dax had only one component in decline, while in the U.K., the FTSE only had six companies that were trading in the red, out of the 102 members. In addition, both European indexes advanced for the third consecutive day, something not seen over the last few weeks.
Later in the day, the following U.S. companies will report: AMR Corporation, Abbott Laboratories, Crown Holdings, Landstar System, W.W. Grainger, Wolverine World Wide and Xilinx.
Overnight, the U.K. FTSE advanced 51.97 points (1.23%) to 4,289.65, while t he German Dax gained 70.69 points (1.48%) to 4,852.38
Crude oil for August delivery was recently trading at $60.20 per barrel, up by $0.70. Wednesday is the fourth consecutive day in which crude oil has swung around the $60 benchmark
Gold for August delivery was recently trading higher by $6.10 to $928.90. Gold is trading just below a trend-line that connects the Jun 10 09 and the Jul 01 09 highs
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