S&P 500 futures are up less than 0.1 percent, matching the performance in Europe so far. Asian markets like Tokyo, Shanghai, and Mumbai also rose nearly 1 percent overnight, partly because of strong growth in Japan. Oil is trying to rebound.
Attention now focuses on minutes from the Federal Reserve's last meeting at 2 p.m. ET, which will be scoured for clues about the direction of interest rates. The news could affect sentiment following a surge in bond yields over the last month. Weekly mortgage data already showed higher borrowing costs depressing applications by 1.5 percent.
Stocks have been range bound since February. Growth has slowed but investors are expecting monetary stimulus in Europe, China and India. They will get more clues on the global economy tonight when Markit's preliminary manufacturing numbers come out.
Yesterday brought a rally in homebuilders and related companies after housing starts and building permits rose more than expected. optionMONSTER's researchLAB market scanner also shows financials running higher recently after lagging earlier this year. Health care, the best-performing sector over the longer run, has also been coming back to life, while profit takers have hit energy and materials.
In company-specific news, home-improvement chain Lowe's dropped almost 7 percent after profit and sales missed estimates. Staples declined 4 percent on weak top-line results. That follows poor reports from other retailers like Wal-Mart Stores, Dick's Sporting Goods, and Urban Outfitters. E-commerce stock Etsy also dropped 16 percent on a big quarterly loss.
Drug developer Sarepta Therapeutics, on the other hand, surged more than 40 percent on news that it would seek regulatory approval for its treatment of a rare genetic disorder. Pep Boys rose 15 percent on a Wall Street Journal report private-equity firms are considering a bid for the company. Solar-energy stocks may come under pressure following a rout of the sector in China.
Oil rose about 1 percent, while gold and silver eked out small gains and copper declined fractionally. The U.S. dollar also posted small gains against the euro and Japanese yen. Bonds continue to hold their ground.
