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U.S. futures rose 0.4% ahead of key U.S. economic data on jobless claims, retail sales and crude inventories that should update investors on the state of the American consumer.

Global markets were positive as well, with the Stoxx Europe 600 benchmark advancing 0.4% in early trading, despite continuing weakness in Spanish and Italian bonds. ECB president Jean-Claude Trichet must weight pricing pressures against the Greek crisis, as he raises rates today by 0.25% to 1.5%. Meanwhile the Bank of England is expected to maintain its key rates at 0.5%

The MSCI Emerging Markets gained 0.2% was advancing for the first time in three days led by Russian markets paced by industrial and material stocks. Asian markets closed flat, despite strength from Chinese banks, as this week's rate hike will likely boost lender margins.

Commodities were mixed with crude oil futures up over half a percent, while the

SPDR Gold Trust ETF

(GLD) - Get SPDR Gold Trust Report

and

iShares Silver Trust

(SLV) - Get iShares Silver Trust Report

ETF were relatively negative, with the ECB increasing rates.

Large-cap technology stocks continue to provide leadership to this market with

Netflix

(NFLX) - Get Netflix, Inc. (NFLX) Report

),

Amazon

TheStreet Recommends

(AMZN) - Get Amazon.com, Inc. Report

and

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

posting big gains over the last week, while

VMWare

(VMW) - Get VMware, Inc. Class A Report

and

Salesforce.com

(CRM) - Get salesforce.com, inc. Report

pushed to new highs yesterday.

Transport stocks pulled markets higher yesterday, while online travel names

Travelzoo

(TZOO) - Get Travelzoo Report

and

Priceline.com

(PCLN)

continue to show relative strength. Traders may look to extend that trade via casino stocks, with

Wynn Resorts

(WYNN) - Get Wynn Resorts, Limited (WYNN) Report

sitting at 52-week highs and

Las Vegas Sands

(LVS) - Get Las Vegas Sands Corp. (LVS) Report

breaking a downtrend dating back to last November.

Investors continue to buy back Chinese internet stocks, with

RenRen

(RENN) - Get Renren Inc. Sponsored ADR Class A Report

and

Sina

(SINA) - Get SINA Corp. Report

up over 2%, while

China Dangdang

(DANG)

and

Sohu.com

(SOHU) - Get Sohu.com Limited Sponsored ADR Report

gained 1% in pre-market trading.

Some stocks that may be in focus include,

Western Digital

(WD) - Get Walker & Dunlop, Inc. Report

and

Urban Outfitters

(URBN) - Get Urban Outfitters, Inc. Report

are up 1% in pre-market trading on upgrades from JP Morgan and Morgan Stanley, respectively.

Disclosure: Scott Redler is long LVS, DANG, NFLX, VMW and SLV

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.