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SMF Notes WRAPX S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -8.30.
Earnings continue to come in better than analysts had anticipated, but that has failed to lift stock futures in the face of continued gains by the greenback. The dollar is currently up 0.3% against competing currencies, overshadowing bottom line beats from Comcast (CMCSA), Procter & Gamble (PG), Aflac (AFL), Broadcom (BRCM), and Whirlpool (WHR). Sprint Nextel (S) and Southern Co. (SO) were among the handful of names that came short of expectations. Data has the potential to drive action as market participants look for positive signs in the macro environment. Durable goods orders for September and new home sales numbers for September are the latest items on the docket. They are due at 8:30 AM ET and 10:00 AM ET, respectively. Data will stay in focus as the week progresses with weekly jobless claims due tomorrow and the advance reading on third quarter GDP due on Friday. As recently communicated by the Fed, data will underpin policy decisions. That includes actions on further quantitative easing.
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