The Day Ahead: Stock Markets Reversing Course?

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Stock markets may be reversing course after investors pushed down the Dow by 1.04% yesterday. Increased speculation that the European Union may bail out Greece is giving traders some optimism on what otherwise could be a slow day in news.

One hour before the opening bell, the Dow is looking to open 66 points to 9,961 while futures on the S&P 500 Futures are up 9.10 points to 1,065.

In another sign that risk may be back on the table,  Crude oil is up 98 cents to $72.87 per barrel and Gold is trading $11.90 higher at $1,078.10. The US dollar, meanwhile, is trading lower.

There’s not much in data that could sway markets one way or the other today. The only significant release is Wholesale Inventories, in addition to three auctions from the Treasury.

Key Events Today:

10:00 ― After climbing 1.5% in November, Wholesale Inventories are expected to maintain the direction but not the speed in December. Economists expect to see inventories move up 0.5% in the month and then continue to build in the coming months.

“Headline sales and inventories have been boosted by rising prices for energy and farm products, but these effects should be smaller in December,” added Ian Shepherdson from HFE.

Treasury Auctions:

 

  • 11:30 ― 4-Week Bills 
  • 11:30 ― 52-Week Bills
  • 1:00 ― 3-Year Notes