After Monday's relatively calm, yet consistent day of losses during the Yom Kippur and Columbus Day holidays, things were looking brighter this morning, with futures inching higher.
futures last traded up 21.50 to 3371.00, which is a fair value gain of 10.96. That's positive, and much better than where they were around 7 a.m. EDT, when fair value gains were in the low single digits. Meanwhile,
futures rose 3.40 to 1419.90, with a fair value gain of 3.47. All fair value numbers come courtesy of
and were current as of 7:35 a.m. EDT.
And with futures looking good, but not great, a quick look at the last two years shows that the day after Yom Kippur can be rather tough.
Last year, all three major indices, the S&P 500, the Nasdaq Composite Index and the
Dow Jones Industrial Average
, fell more than 2%. The
year before that, the Dow fell 2.7%, the Comp fell 4.8% while the S&P fell 3.0%. Then again, two years ago, the Comp was trading near 1600.
OK. Here you go, people. Time for some nice news, a bright spot for the morning, some cream for that coffee.
Ahead of the open, two widely held big-cap tech stocks were moving higher on
flew up $2.25 to $88, which seems rather promising. Tonight, the Web giant will release earnings and it appears that investors are hopeful that the company will meet the
First Call/Thomson Financial
estimate of 12 cents a share.
last traded up 75 cents to $80.13. And
, good ol' Big Blue, was up 6 cents (don't spend that all in one place) to $117.94 on news that today, at 1 p.m. EDT, the company will hold a major press conference addressing an expansion of its microelectronics business.
And across the ocean, all three major European indices can be filed under "Higher, Slightly." London's
was up 10.70 to 6275.50. Paris'
was up 63.39 to 6173.43. And Frankfurt's
was up 28.36 to 6709.14. The major reason behind the slim uptick was a rebound in oil prices and subsequent rebound in oil companies. Also notable was a minor recovery in European technology stocks, which lately, as with their American counterparts, have been taken out back and beaten severely. See the European Midday
Update for more details.
Over in Asia, file major indices under "Pain." Both Hong Kong and Japanese markets got hit rather hard, following yesterday's decline domestically. The
fell 139.39 to 15,554.11, while the
dropped 166.52 to 15,827.72. And what was hit? You got it. Technology. See the Asian Markets
Update for more.
For Monday's postclose trading, see The Night Watch.