Futures up on data from Europe, Asia
US markets are set to rebound at the open, following global markets higher.
U.S. equity futures rose Friday morning on a wave of strength from Europe and Asia. With little in the way of major economic releases Friday, bulls look to be having their way as commodities and markets are rising across the board heading into the weekend.
S&P 500 futures were up 0.75%, showing considerable strength
Gold is up 1.84% to 1,417.60
EUR/USD rose 0.27% to 1.3085
European commodity producers on the rise
Lenovo said to be in talks to buy International Business Machines' (IBM) server business
Asian markets were up across the board overnight as politicians continued cautionary rhetoric towards Japan's monetary policy. The Shanghai composite was up 2.14% to 2,244.64 while the Nikkei rose 0.73% to 13,316.48. Also, the Korean Kospi rose 0.35% to 1,906.75 as the Hang Seng index shot up 2.33% to 22,013.57.
European shares rose overnight, recovering slightly from their biggest weekly sell off since November, riding a wave of growth from the region's commodity producers. Leading the rally was the French CAC, up 1.18% to 3,641.87 while the Italian FTSE MIB index was close behind, gaining 0.64% to 6,283.72. The German DAX was also on the rise, gaining 0.53% to 7,513.24 while the Spanish IBEX rose 1.57% to 7,935.
Commodities were higher this morning following a down week of trading. Both WTI crude and Brent crude were on the rise, gaining 1.01% to $88.47 and 0.81% to $100.39 respectively, while gold and silver both rallied, gaining 1.61% to $1,415.13 and 1.51% to $23.58. Finally, copper continued to fall this morning, losing 1.32% to 3.16.
Currencies had a euro bias this morning as the Euro-zone rally sent currency values upwards. The EUR/USD rose 0.27% to 1.3085 while the EUR/JPY also rose, gaining 1.33% to 129.81. The USD/JPY pair was also on the rise, gaining 1.07% to 99.18, nearing that all important 100 dollar level, while the U.S. dollar index fell 0.11% to 82.468.
Earnings reported Thursday
Google (GOOG) reported Q1 earnings per share of $11.58 versus the estimated $10.69, beating by $0.89. Revenue came in at $11.0 billion versus the estimated $14.22 billion, excluding Traffic Acquisition costs
Microsoft (MSFT) reported Q3 earnings per share of $0.65 versus the estimated $0.76, missing by $0.11. Revenue came in at $20.40 billion versus the estimated $20.68 billion
International Business Machines (IBM) reports Q1 earnings per share of $3.00 versus the estimated $3.05, missing by $0.05. Revenue came in at $23.40 billion versus the estimated $24.69 billion.
Advanced Micro Devices (AMD) reports Q1 earnings per share of $(0.13) versus the estimated $(0.17), beating by $0.04. Revenue came in at $1.09 billion versus the estimated $1.05 billion
E*TRADE Financial (ETFC) reports Q1 earnings per share of $0.12 versus the estimated $0.12, inline. Revenue came in at $419.90M versus the estimated $438.32M
Capital One Financial (COF) reports Q1 earnings per share of $1.79 versus the estimated $1.60, beating by $0.19. Revenue came in at $5.60 billion versus the estimated $5.45 billion
Intuitive Surgical (ISRG) reports Q1 earnings per share of $4.56 versus the estimated $4.00, beating by $0.56. Revenue came in at $611.40M versus the estimated $582.92M
Chipotle Mexican Grill (CMG) reports Q1 earnings per share of $2.45 versus the estimated $2.14, beating by $0.31. Revenue came in at $726.80M versus the estimated $724.87M
Stocks moving in the premarket included:
Carnival Corp (CCL) shares rose 1.74% in premarket trading as investors continued to pile into the stock following the company's announced $600M investment into its fleet.
Newmont Mining (NEM) was also up, gaining 2.23% in the premarket as gold prices continued to rally.
International Business Machines (IBM) was down as well, falling 4.47% after missing on the top and bottom lines following the close Thursday.
Notable companies reporting earnings Friday include:
General Electric (GE) is expected to report quarterly earnings per share of $0.35 vs. $0.34 a year ago.
McDonald's (MCD) is expected to report quarterly earnings per share of $1.27 vs. $1.23 a year ago.
SAP (SAP) is expected to report quarterly earnings per share of $0.58 vs. $0.49 a year ago.
Schlumberger (SLB) is expected to report quarterly earnings per share of $1.01 vs. $0.98 a year ago.
Honeywell (HON) is expected to report quarterly earnings per share of $1.14 vs. $1.04 a year ago.
Under Armour (UA) is expected to report quarterly earnings per share of $0.03 vs. $0.14 a year ago.
The economic Calendar for Friday is pretty light on the U.S. side with only the ECRI weekly annualized report coming out and an expected speech by Federal Open Market Committee member Jeremy Stein.
On the international side we will be seeing the German PPI, Spanish trade balance, Italian industrial sales, and Canadian CPI.
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The Federal Reserve and Congressional politics threaten to rain on the market party.
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