The Dow and the Nasdaq are coming off their best closes since August 1, the S&P 500 since August 3, but the immediate outlook for the U.S. stock market clearly rests on negotiations taking place in Europe. Futures have been moving between gains and losses on the uncertainty over exactly what kind of deal on European debt will be forthcoming on Wednesday.
A busy day of corporate earnings is also ahead, with Dow components DuPont (DD) reporting earnings per share of $0.69 ex-items versus expectations of $0.56.
This morning's earnings list also includes 3M (MMM), Cummins (CMI), Coach (COH), Sherwin-Williams (SHW), UPS (UPS), U.S. Steel (X), and Xerox (XRX), among others. Amazon.com (AMZN) leads today's after-the-bell earnings roster, with Panera Bread (PNRA), Express Scripts (ESRX), and Broadcom (BRCM) also set to report.
Netflix (NFLX) leads this morning's list of stocks to watch, plunging in after-hours trading on weak subscriber numbers and soft fourth quarter guidance.
Amgen (AMGN) may get some positive action after beating estimates with its third quarter numbers, while Texas Instruments (TXN) also beat estimates, but issued a cautious fourth quarter outlook.
BP (BP) shares are up about 4% overseas, after chief executive Bob Dudley said the company has turned a corner following the Gulf oil spill, and that the dividend could be lifted this year.
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