Stock Market Rally November 2011 S&P 500 Dow Jones Nasdaq

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SMF Notes S&P futures vs fair value:

+5.80. Nasdaq futures vs fair value: +2.20.
Participants in Europe have settled in following the prior session surge that sent the EuroStoxx 50 to a gain well in excess of 3%. In turn, Europe's major bourses are moving along with moderate strength today. Consistent with long running trends, domestic traders are following the lead of their European counterparts. As such, futures for the S&P 500 are up modestly this morning. Although the early tone is generally positive, shares of Tiffany & Co. (TIF 68.25, -5.37) are down more than 7% in response to disappointing guidance, which has overshadowed better-than-expected earnings for the most recent quarter. Meanwhile, news that AMR Corp. (AMR 0.64, -0.98) has filed for Chapter 11 bankruptcy, which will allow the company to reorganize itself, has dropped its shares 60% ahead of the open. The economic calendar remains light. It features the latest S&P Case/Shiller Home Price Index at 9:00 AM ET, followed by the latest Consumer Confidence Index at 10:00 AM ET. Note: ticker quotes reflect pre-market prices