U.S. stocks are attempting to end May positive with futures up 1% in early trading, as European leaders agree more aid is needed for Greece. They also ruled out a "total restructuring" of Greek debt, calming concerns of investors that the nation would default.
Reports of additional aid for Greece also pushed international markets higher with the MSCI Asia Pacific Index gaining 1.4% and the Stoxx Europe 600 up as much as 1%.
The Euro currency received buying interest, sending the dollar lower and allowing most commodities to appreciate this morning. Silver continues to bounce back from a rough May, up over 1% in early trading, while gold and copper remain flat.
Crude oil reached the $102 level for the first time since May 11th; up 1.5% on news
closed the Keystone Pipeline that runs from Alberta, Canada to Cushing, Oklahoma where New York-traded oil is kept.
Oil stocks look to rally with crude oil, with the
Oil Services HOLDRs ETF
up in early trading. The
iShares Silver Trust ETF
is up 1.6%, but
SPDR Gold Trust ETF
is flat. The strength in grains, has
up nearly 2%, while
benefits from a positive mention in Barron's, suggesting the company may be a good target for sovereign wealth funds from emerging countries.
The technology stocks extend their relative outperformance over the last few weeks, with domestic tech giants
acting better technically, trying re-establishing themselves as market leaders.
Chinese technology stocks
continue to be weighed down by overall pessimism in Chinese stocks, but have also responded recently to overall emerging market strength.
The financial sector remains a drag on the economy and stock market, as housing extends it weakness into the month of June. However, bank stocks are showing signs of life as
have experienced strong rallies off May lows ahead of Friday's jobs number. Can the markets close the month strong?
Disclosures: Scott is long AAPL, POT, BAC, SINA and short SPY
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.