Stocks continue to climb today as investors await third-quarter earnings.
S&P 500 futures are up half a percent, similar to the moves in Europe. Asia was mostly higher overnight, though China remained closed for a holiday. Oil is strong again.
The S&P 500 has risen in four of the last five sessions. The index is back near the area where it peaked late August and mid-September and is flirting with its 50-day moving average for the first time since its big drop seven weeks ago.
While coming sessions bring few important economic headlines, companies will start announcing quarterly results. Monsanto is scheduled for this morning and Alcoa is due tomorrow afternoon. Several major banks and technology firms follow after Columbus Day Monday. (See researchLAB's interactive calendar)
Yum Brands is down about 15 percent after reporting weaker-than-expected earnings and revenue yesterday afternoon. Adobe Systems also preannounced weak results and issued weak guidance, dragging its shares down 1 percent. Nu Skin Enterprises tanked 15 percent after cutting its outlook.
Anheuser-Busch InBev, however, rose 3 percent after raising its takeover offer for SABMiller. Constellation Brands rose 3 percent after beating estimates. Media General and Meredith may be active after MEG abandoned its takeover attempt for MDP.
researchLAB's market scanners have detected relative strength in commodity companies like energy and precious metals--especially as the perception spreads that the Federal Reserve will increase interest rates more slowly. Semiconductor stocks have also been strong, while former leaders in the health-care space have moved down the rankings.
Oil rose another 2 percent and copper rose 1 percent. Gold and silver are mixed. The Australian dollar and Japanese yen gained after central bankers in both countries kept monetary policy unchanged rather than taking dovish steps.
