Stocks and commodities are rebounding this morning before Federal Reserve Chairman Ben Bernanke's big speech at Jackson Hole.
The S&P 500 is indicated to gain about 0.65 percent, while the Nasdaq is higher by almost 0.7 percent. European stocks are up even more, led by Germany and France, which bounced from Thursday's losses. Asian stocks were mostly negative in the overnight session after Japan reported surprisingly weak industrial production.
The big news event of the day will be Bernanke's speech at 10 a.m. ET, which will be closely watched for clues on the potential of new economic stimulus. Chicago PMI and Consumer sentiment will be announced before the speech, while factory orders are scheduled for the same time, so it's likely to be a busy morning.
Activity will probably slow later in the session, however, ahead of the Labor Day weekend.
Foreign-exchange and commodities are painting a general picture of "risk on." The euro, Australian dollar and Canadian dollar are broadly higher, while the greenback is down across the board. Oil and copper, usually associated with economic growth, are advancing by more than half a percent, although agricultural foodstuffs are mostly lower.
In individual company news, OmniVision Technologies rose 10 percent after reporting strong revenue and issuing strong guidance. Athletic-clothing company Zumiez is falling on a weak forecast.
Trading News
SPX:
SEE CHART
GET CHAIN
Related Stories
SPX
Global selloff hits equity indexes
May 23, 2013
S&P 500 futures are down almost 1 percent, while European indexes are lower by about 2 percent. The real declines came in Asia, where Japan's Nikkei plunged 7 percent and Hong Kong shed 2.5 percent.
SPX
Stocks keep climbing before Bernanke
May 22, 2013
S&P 500 futures are up about one-tenth of a percent ahead of the Fed chairman's appearance before Congress. Most European indexes are modestly lower but have been climbing in the last hour.
SPX
Bernanke fears weigh on sentiment
May 21, 2013
Now that employment, housing, and the global economy have improved, investors are growing nervous that the central bank will become less accommodative.
SPX
Corporate earnings lead the calendar
May 21, 2013
Corporate earnings are the main item on today's agenda as retailers Home Depot, Best Buy, Saks, and TJX report quarterly results.
SPX
Equities pull back after record close
May 20, 2013
S&P 500 futures are down two-tenths of a percent. European indexes have been falling modestly since the open and remain little-changed overall. Asian markets rallied overnight, led by Hong Kong and Tokyo.
