Futures defy Apple miss, move higher
Evan McDaniel | firstname.lastname@example.org
S&P 500 futures are up 6.25 points, or 0.47 percent, to 1335.75 after hitting a low of 1321.25.
Nasdaq 100 contracts are lower by 8 points, or 0.31 percent, to 2540.50 in heavy trading because of AAPL.
The SPX and the Dow Jones Industrial Average had already been heading higher, but they were boosted further by strong earnings reports from Caterpillar and Boeing in the pre-market. Analysts are now turning their attention to new home sales at 10 a.m. ET.
Currency markets are favoring the risk trade this morning, with the euro/dollar higher by 0.68 percent to 1.2154 after making a low of 1.206 in the early morning hours. U.S. dollar futures are lower by 0.47 percent to 82.77, and U.S. bonds are following suit.
European indexes are higher, with German DAX leading the region up 0.6 percent after Spain denied requesting the need for a larger bailout. The U.K. FTSE 100 is up 0.17 percent.
Asian indexes did not fare as well overnight, with Japan's Nikkei 225 falling 1.44 percent after Nintendo posted a quarterly loss. After a wide-ranging session, Hong Kong's Hang Seng ended down only 0.14 percent as sales data provided hope for stabilization in Asian economies.
Commodity markets are reflecting the weakness in the U.S. dollar and bonds as crude oil is up 0.17 percent to 88.67, off a low of 87.80. Copper futures are higher by 0.69 percent to 3.377 after trading as low as 3.332. Spot gold futures are higher by 16.10 points, or 1.02 percent, to 1592.50 with 1600 remaining as major support.
In stock-specific news, CAT is up more than 4 percent to $84.75, and BA is higher by 2.6 percent to $73.90. Pepsico is also trading higher after its quarterly results beat expectations.
AAPL is down more than 4.5 percent to $573.34 but off its extended-hours lows. Netflix is down about 16 percent to $67.60 but also well off its lows since reporting growth concerns last night.