Morning Report: Futures Up With New Hope for Greece

by: optionMONSTER

By Bryan McCormick

US stock index futures are higher after a weak session in Asia, with Japan closed for holiday, but with a rebound in the eurozone and UK markets after a slow start.

The apparent cause of strength in Europe was the hope that a rescue package for Greece could be put together within days, according to the European Union. That helped send the euro higher.

Positive earnings news flow from Banco Santander (STD), Europe's largest bank, and a spike higher in the European Commission's economic sentiment indicator also reinforced the positive tone.
BIDU Chart

US markets have been boosted by upbeat earnings news. Strong results from First Solar (NASDAQ:FSLR), Baidu (NASDAQ:BIDU), and Hewlett-Packard's (NYSE:HPQ) takeover bid for beleaguered Palm (PALM) have contributed to buoyant sentiment in tech and alternative energy.

Results have been mixed in consumer products companies, with Proctor & Gamble (NYSE:PG) and Colgate-Palmolive (NYSE:CL) possibly dampening that group. That could favor more speculative growth names over staples names for today.

Energy may also be weaker after Exxon Mobil (NYSE:XOM) failed to meet expectations. That stock, which is heavily weighted in the Dow Jones Industrial Average, is down 1.5 percent in the pre-market.

Earnings news today is at the peak for this week, which could make for interesting cross-currents. I covered most of the bigger names reporting for today in yesterday's note.

For tomorrow, the following select S&P 500 names will be releasing results. Allergan (NYSE:AGN), Avon (NYSE:AVP), Constellation Energy (NYSE:CEG), Coventry Health Care (CVH), Discovery Communications (NASDAQ:DISCA), ITT (NYSE:ITT), Newell Rubbermaid (NYSE:NWL), Nasdaq OMX (NASDAQ:NDAQ), and D.R. Horton (NYSE:DHI).

Disclosure: No positions