Stock futures were higher this morning, indicating a possible similar start for U.S. markets following some optimist remarks from Cisco's CEO that lifted techs and despite oil moving back up over $100 a barrel. A wave of economic reports is due today, which could yet sway the market's direction and investors' sentiment.Tuesday saw another topsy-turvy session where earlier in the day the Dow industrials declined more than 150 points as worries about foreclosures, the credit market and Citigroup (NYSE: C) grew. Markets rebounded somewhat after hopes that an Ambac Financial (NYSE: ABK) bailout was back on the table. The Dow Jones Industrial Average fell 45 points, or 0.37%, the S&P 500 dropped over 4 points, or 0.34%, while the Nasdaq Composite ended the day over a point higher, or 0.07%.
Economic data due out today includes:
- At 8:15 a.m. EST February ADP's estimate of February private-sector employment will be released and expectations call for employment growth of 15,000. While many see this report as a precursor to the government report on payrolls on Friday, it wasn't the case in January when the reports were quite different.
- At 8:30 a.m., fourth-quarter productivity is due out.
- At 10:00 a.m., the Institute of Supply Management will report the ISM services index for February, which is expected to show an improvement, although remain in contraction.
- At the same time, January Factory orders will be released and are expected to show a decline.
- Finally at 2:00 p.m., the Federal Reserve will release its Beige Book of economic conditions.
Oil prices regained the $100 a barrel mark Wednesday after dropping sharply in the previous session even after OPEC said it would keep output unchanged, claiming the market is well supplied. Traders are waiting for weekly crude inventories to be released today, mostly expecting U.S. crude supplies are continuing to rise.
Overseas, stocks finished little lower in Asia, but were rising in Europe as bargain hunters lifted stocks due to an overall feel many stocks were undervalued.
In major corporate news, Cisco Systems Inc (NASDAQ: CSCO) Chief Executive John Chambers not only reiterated, but said on Tuesday he has grown more confident in the company's long-term revenue growth target of 12% to 17%. Considering the worries about the U.S. economy, the statement made waves and boosted techs and investors' sentiment.
Meanwhile, this morning Costco Wholesale Corp. (NASDAQ: COST) says its fiscal second-quarter earnings rose 31% to $327.9 million, or 74 cents per share from a year-ago period that was hurt by multiple charges, matching analysts expectations. Sales increased 12% to $16.62 billion, below the consensus revenue prediction of $16.85 billion.
Overseas, stocks finished little lower in Asia, but were rising in Europe as bargain hunters lifted stocks due to an overall feel many stocks were undervalued.
In major corporate news, Cisco Systems Inc (NASDAQ: CSCO) Chief Executive John Chambers not only reiterated, but said on Tuesday he has grown more confident in the company's long-term revenue growth target of 12% to 17%. Considering the worries about the U.S. economy, the statement made waves and boosted techs and investors' sentiment.
Meanwhile, this morning Costco Wholesale Corp. (NASDAQ: COST) says its fiscal second-quarter earnings rose 31% to $327.9 million, or 74 cents per share from a year-ago period that was hurt by multiple charges, matching analysts expectations. Sales increased 12% to $16.62 billion, below the consensus revenue prediction of $16.85 billion.
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