Stocks look to rebound from selloff
David Russell | [email protected]
S&P 500 futures rose by about two-tenths of a percent, compared with gains of more than half a percent in Europe. Asian markets fell sharply in the overnight session, following yesterday's U.S. tumble.
Equities are stabilizing after the S&P 500 touched its lowest levels since early August yesterday and Greece's parliament narrowly passed austerity measures that will help it avert a sovereign-debt default. Attention now turns to Washington, where Republican leaders in the House are sounding a conciliatory tone about deficit problems in the U.S.
Foreign exchange and commodities are mixed today. The euro is modestly lower after German exports fell, but oil is climbing by almost 1 percent. Copper and gold advanced by one-third of a percent, while silver is up by three-quarters of a percent. Agricultural foodstuffs are also mostly positive.
In company-specific news, Qualcomm is indicated to open higher after earnings and revenue beat expectations. Universal Display fell sharply after reporting a surprise loss and cutting its guidance. Monster Beverage is also down after increased promotional spending caused it to miss per-share earnings estimates.