This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Market Today: Futures Higher as Market Builds Up for Further Climb

NEW YORK (TheStreet) -- The expected stock market correction remains elusive. 

U.S. stock futures were looking at a fifth day of gains out of six on Friday, as the U.S. economy appears to be on track for a solid, sustained recovery. The eurozone shrugged off bad economic news that's been offset by hopes of more central bank stimulus, and geopolitical tensions eased a bit.

S&P 500 (SPY) futures were rising 4.75 points, or 6.82 points above fair value, to 1,958.25. The index is now down just 1.82% from its July 24 all-time intraday high after last Thursday's relatively shallow pullback of 3.9%, and is poised to break its 50-day moving average level to rise even further. Dow Jones Industrial Average (DIA) futures were gaining 44 points, or 52.42 points above fair value, to 16,726. Nasdaq (QQQ) futures were tacking on 13.3 points, or 15.49 points above fair value, to 3,981.3.

"The tide appears to have turned in the short-run and markets are seemingly bullish again," said Phillip Futures investment analyst Howie Lee.

Must Read: August 15 Premarket Briefing: 10 Things You Should Know

U.S. stock markets rallied into the close Thursday, with the tech sector advancing despite the fallout from Cisco's (CSCO) downsizing plans.

European and Asian markets seemed intent on ignoring geopolitics this morning and focused instead on interest rates. The assumption is that weak economies and signs of incipient inflation will force central banks to continue keeping borrowing costs low.

Some data came in ahead of the open. U.S. producer prices rose 0.1% in July as expected, while the Empire State Manufacturing Index slid back in August but after a substantial gain in July. The U.S. economic calendar also includes July industrial production and capacity utilization figures at 9:15 a.m. and the August University of Michigan Consumer Sentiment Index at 9:55 a.m.

In Friday's top corporate headlines, the world's largest soda-maker Coca-Cola (KO - Get Report) is paying $2.2 billion in cash for a 16.7% stake in energy-drink upstart Monster Beverage (MNST - Get Report). Coca-Cola shares were up 1.82% to $40.91 in premarket trading, while Monster Beverage shares were surging 25.28% to $89.81.

Metals and mining company BHP Billiton (BHP) was adding on 2.04% to $72.60 after it said that it was planning a demerger of its aluminum, nickel and manganese assets, potentially creating a $14 billion spinoff company. J.C. Penney (JCP - Get Report) shares were higher by 2.26% to $9.96 as the retailer beat estimates in its earnings report Thursday after the bell.

--By Andrea Tse in New York

Follow @AndreaTTse

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BHP $27.63 0.00%
JCP $9.03 0.00%
KO $44.98 0.00%
MNST $146.35 0.00%
AAPL $94.19 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs