With Wall Street Quiet, Heads Turn to Europe, Thursday's Data
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The talk early Wednesday is focused on Europe and successful 10-year bond auctions in Italy and Spain. While stocks in the Eurozone are trading higher, gains in US futures have held throughout the morning. The Dow is indicated to open up about 27 points, the Nasdaq is indicated about 6 points higher, and S&P 500 futures are up just 3.5. The Hang Seng and Nikkei both closed lower.
The bond auction in Italy pushed yields away from the dangerous 7-percent range to around 6.84 percent. The Spanish 10-year yield is notably lower at around 5 percent.
Data is sparse in the US this morning, however readings on initial jobless claims, Chicago PMI, and pending home sales for November on Thursday will keep economists and market watchers busy.
The Street is expecting initial claims in the 375,000 range; another reading below 400,000 would mark the first month-long stretch under this level since February/March.
Pending home sales are expected to rise about 1.5 percent from October. Housing data has been somewhat mixed recently: while the National Association of Homebuilders index came in better than expected, as well as housing starts, existing home sales and the S&P/Case-Shiller home price index missed expectations. New home sales on Friday of last week were inline with the Street.
The bond auction in Italy pushed yields away from the dangerous 7-percent range to around 6.84 percent. The Spanish 10-year yield is notably lower at around 5 percent.
Data is sparse in the US this morning, however readings on initial jobless claims, Chicago PMI, and pending home sales for November on Thursday will keep economists and market watchers busy.
The Street is expecting initial claims in the 375,000 range; another reading below 400,000 would mark the first month-long stretch under this level since February/March.
Pending home sales are expected to rise about 1.5 percent from October. Housing data has been somewhat mixed recently: while the National Association of Homebuilders index came in better than expected, as well as housing starts, existing home sales and the S&P/Case-Shiller home price index missed expectations. New home sales on Friday of last week were inline with the Street.
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