The most important number of the morning came as good news to investors. Lehman Brothers (LEH)reported a $0.06 beat ($1.54 vs. $1.48 est.) for its EPS, with revenues more or less in-line at $4.3b. The market looked to Lehman's earnings as an indicator for the rest of the week, and on the news GS is up $2.39 to $190/share, MER is up $1.30 to $74.15/share, and BSC is up $1.20 to $116.58/share.
Futures responded positively, but given the recent lack of volume (only 1.1b shares on the NYSE yesterday), most investors are waiting for the Fed decision this afternoon before making real decisions.