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Finally, a morning where stocks are set to bounce at the open as some positive signs pushed U.S. stock futures higher. As investors await Federal Reserve Chairman Bernanke's comments, there were some positive signs from the banking sector and on the deals front.Citigroup (NYSE:C)'s Pandit said the bank was profitable during the first two months of the year. Also, Dow Chemical (NYSE: DOW) decided tentatively to go ahead with its acquisition of Rohm & Hass (NYSE: ROH) after all. There were also reports Genentech (NYSE: DNA) was on the verge of being fully acquired -- all coming a day after the mega-deal between Merck (NYSE: MRK) and Schering Plough (NYSE: SGP).
Overseas, most Asian stock markets climbed Tuesday. Despite lingering economic worries, oil companies advanced on the back of stronger crude prices, and banks recovered as well. Still, the Japanese market, which already set a 26- year low Monday, set a new one Tuesday. In Europe, where banks recovered too, most markets gained.
On the economic front, at 10:00 a.m. January wholesale inventories are due.
While not a data point, Bloomberg released a survey of economists projecting the U.S. jobless rate will reach 9.4% this year and remain elevated through at least 2011.
Bernanke is scheduled to address systemic risk at Council of Foreign Relations at 8:30 a.m. Eastern.
Meanwhile, oil rose to near $48 a barrel after OPEC signaled it will likely announce another production cut within days.
While following the recent selloffs some positive days are to be expected as buyers come in to bargain hunt, but the real question is whether any gains these days are sustainable.
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