U.S. equity index futures are mixed this morning. S&P 500 futures are up 1 point in pre-opening trade. Investors are waiting for news from Europe on the possibility of a bailout of Greek debt.
The U.S. Trade Deficit in December was higher than expected. Consensus was a deficit of $35 billion. Actual was a deficit of $40.2 billion.
Ben Bernanke is scheduled today to release a comment on the Federal Reserve’s exit strategy on its current low interest rate policy. Due to weather conditions, the comment will be released in a written statement instead of a verbal testimony.
Traders are watching the $25 billion 10 year Treasury bond auction scheduled to be announced at 1:00 PM. Will continuing large bond auctions of longer term U.S. Treasuries run into resistance?
Companies reporting higher than consensus earnings overnight included BHP Billiton, Disney and Gildan. BHP Billiton also offered positive outlook for base metal prices. ‘Tis the season for Metals & Mining stocks to move higher.
Talisman reported lower than consensus fourth quarter cash flow and earnings.
Suncor is down 1% after RBC Capital Markets downgraded the stock from Outperform to Sector Perform.
Canadian National Railway was upgraded from Market Perform to Outperform by Raymond James.
Adobe gained 3% after receiving upgrades to Outperform by Credit Suisse and Jefferies.
Dell added 2% after Bank of America/Merrill upgraded the stock from Neutral to Buy. Target was raised from $16.50 to $18.00.
Don Vialoux, chartered market technician, is the author of a free
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