Stocks set for sharply higher open as geopolitics subsides

Stocks look for a strong open following a ceasefire in Gaza and a request for a ceasefire from pro-Russian separatists in eastern Ukraine; S&P and Dow +0.5%, Nasdaq +0.6%.

European and Asian markets are broadly higher as geopolitical concerns subside a bit; Japan's Nikkei rose 2.4%, climbing off two-month lows.

Fed Vice Chairman Stanley Fischer said this morning that rebounds across advanced economies have been disappointing, leading to reduced long-term expectations for growth potential in the U.S.

Quarterly earnings are winding down: Priceline -1% after reporting a bottom-line beat but disappointing guidance, while Dean Foods -9% in reaction to below-consensus earnings and cautious guidance.

Kinder Morgan +18% and Kinder Morgan Partners +24% premarket on news of the mega-deal to consolidate all Kinder Morgan companies, including Kinder Morgan Management and El Paso Pipeline Partners.

Treasurys recover from early losses, and the benchmark 10-year note is now flat with its yield at 2.42%.

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