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SMF Notes S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +18.70.
The stock market slid late in the prior session to settle at its session low, but an improved mood among morning traders has stock futures looking strong. Impressive GDP data from China have helped shift sentiment. Although gains are mostly modest in Europe, bourses there are seeing some relief from the losses suffered during the first couple of sessions of this week. The euro is also rallying after it fell to a four-month low against the dollar yesterday; the currency was last quoted with a 0.7% gain at $1.407. Import and export price data are due at the bottom of the hour. Fed Chairman Bernanke is scheduled to give his semiannual testimony on monetary policy to the House Committee on Financial Services at 10:00 AM ET. His speech comes one day after minutes from the most recent FOMC meeting indicated that Committee members talked, but only talked, about circumstances that could warrant further quantitative easing. Also on today's calendar, weekly oil inventory data are due at 10:30 AM ET, followed by results from an auction of 10-year Notes at 1:00 PM ET. The latest monthly Treasury Budget will be reported at 2:00 PM ET. There really aren't any earnings announcements of major consequence until JPMorgan Chase (JPM) reports tomorrow morning, followed by Google (GOOG) tomorrow night.
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