U.S. index futures forged higher in early-morning trading Wednesday.
Dow futures are at 13,564, up over 100 points from Tuesday's close of 13,450. S&P 500 futures are near highs at 1,494.50 (+16.50), as are Nasdaq futures (+22.50). Thirty-year T-bond futures are down 29/32 from yesterday's close at 115 18/32 as of 8:00 a.m.
U.S. home foreclosures jumped 31.8% in November from October, according to a report from Foreclosures.com.
Reuters and the Wall Street Journal cited Fed insiders who say the Federal Reserve is mulling additional moves to thaw frozen credit markets, including creating a 
facility that would auction loans to banks, sparing them the stigma of having to approach the Fed's discount window (full story). Former Fed Chairman Alan Greenspan wrote in an op-ed for the Wall Street Journal Wednesday Fed policy will not diffuse the current housing/credit bubble. He forecasts more large losses (full story).
Asian markets fell sharply Wednesday on the heels of Tuesday's U.S. selloff, as did European markets (full story I, II). The latter, however, continue to rise on the strength of overnight futures trading.
Crude futures peaked above $91/barrel. On Tuesday, the venerable T. Boone Pickens said he continues to forecast $100+ oil, despite recent weakness. Gold futures dipped overnight, but are now back up to $814, just shy of Tuesday's $817 close.
International Trade (8:30 AM), Import and Export Prices (8:30 AM), Quarterly Services Survey (10:00 AM), and the EIA Energy Petroleum Report (10:30 AM) are all due out Wednesday. Traders will be looking ahead to the PPI and CPI later this week.
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.
Related Articles
|
Top Rated Comment Streams:
-
1.Hedged In662
- 2.
-
3.Smarty_Pants417
-
4.axelrod608306
-
5.cos1000277
- Free E-Newsletters
- About Seeking Alpha
- About Us
- Contact Us
- What's New
- Readers Feedback
- Advertise With Us
- Contributors
- Contribute an Article
- Feature Your Book
- Our Contributors
- Anonymous Contributions
- Dispute an Article?
- Legal
- Terms of Use
- Privacy
- Copyright
This article has 1 comment:
-
unimpressedpragmatist
-
74 Comments
My Website
Dec 13 01:21 PMWhile we are on the subject of forecasting and trends, how many times have futures been up before the market opening, only to see a big down day?
Wake up, gentlemen, no one can predict the direction of the market by reading bones, entrails, tea leaves, or futures trading. Better to consult the very, very rich and powerful who have and use the ability to manipulate the market for their benefit. Why do you think they are so rich and powerful? Ask your buddy, Jim Cramer, about them if you are unaware. He’s an expert on this subject.