Stock futures are little-changed as indexes hover near long-term highs and investors prepare for third-quarter earnings.
The S&P 500 is now fractionally higher in premarket trading after small losses earlier, while European indexes declined slightly. Trading was also mixed in Asia, where Japan's Nikkei fell more than 1 percent but Shanghai rallied 2 percent on hopes that policymakers will support share prices.
It's been an unusually quiet news day so far, with no major economic data or political events. The International Monetary Fund caused some consternation by lowering its global-growth forecasts, but it appears that those dangers have already been priced into the market. China also turned some heads after the government injected $42 billion of cash into money markets, spurring hopes that the central bank will take further steps to support the economy.
The real news, however, comes after the close today when aluminum producer Alcoa reports third-quarter results. Analysts predict that AA's earnings will fall by more than 90 percent, yet the stock has been working its way higher since the summer and yesterday was the target of bullish call buying.
Currencies are mixed, while commodities are positive. The euro is marginally lower against the U.S. dollar, and the yen is marginally higher--both signs of risk aversion. The Australian dollar, however, is higher by almost half a percent while the Canadian currency is positive as well. Both of those tend to follow commodity prices and may be reflecting renewed confidence toward China.
Oil has been climbing throughout the overnight session and is now higher by almost 1 percent. Copper, platinum, and most agricultural foodstuffs are positive. Silver, which was negative earlier, is also posting a small gain.
In company-specific news, Edwards Lifesciences is lower by 14 percent after pre-announcing weak third-quarter revenue.
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