Markets continue to struggle as investors rethink the prospects for recovery in the absence of any major macroeconomic data. The end result for the three major indexes was mixed yesterday but the S&P 500, Nasdaq, and Dow each point upwards in the pre-trading session this morning.
The smaller-than-expected loss from Alcoa in the second quarter, released after the closing bell yesterday, has helped to buoy sentiment somewhat. Meantime, the US dollar is softer this morning as appetite for equities strengthens. And oil, which has been falling rapidly over the past week to its lowest level since mid-May, is ticking upwards around the $61 per barrel mark.
Two data releases are scheduled for today: The Jobless Claims report is expected to show more than 600k new filings for unemployment benefits for the 23rd straight week at 8:30; ninety minutes later the Wholesale Trade release is set to show inventories being slashed back 1% in May, following a 1.4% cut in April.
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