07 ET
Market is Closed
[] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +9.10. Yesterday the sock market logged its worst percentage loss in six months, but stock futures suggest that a modest rebound is in the works. The bid comes even though overseas action has been mixed and Dow component Hewlett-Packard (HPQ) disappointed with its latest quarterly report. A light top line and weak guidance detracted from better-than-expected earnings. Shares of HPQ are down more than 9% ahead of the open. Shares of Lowe’s (LOW) have encountered more moderate premarket selling, although the home improvement retailer posted an upside earnings surprise of its own and issued a solid forecast. Homebuilder Toll Brothers (TOL) has benefited from a modest bid following a better-than-expected quarterly report. Homebuilders could see some volatility with the release of monthly existing home sales figures at 10:00 AM ET. The latest monthly new home sales figures will be released tomorrow morning. The improved tone of trade this morning has put some pressure on Treasuries, but the yield on teh benchmark 10-year Note remains below 3.50%. Results from an auction of 5-year Notes are due at 1:00 PM ET. As for the dollar, it is down about 0.3% against a basket of major foreign currencies.
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