NASDAQ futures are trying to shrug off two days of heavy selling and finish the week on an uptick with a morning gain of 1.1% which would claw back all of yesterday’s 0.9% index loss. Dow futures are up 0.6% and S&P futures are up 0.8%. European markets have also been bouncing back ahead of the weekend with the Dax up 0.4%, and the FTSE up 0.7%.
Cryptocurrencies are rebounding today with Bitcoin and Ether both up 4.0% as they try to erase recent losses. Gold is up 0.9%. Commodity action is mixed with US Crude Oil down 0.3% and Copper up 0.3%.
US Core PCE inflation, the Fed’s preferred measure (2.6% unchanged vs street 2.5%) did not fall as traders had hoped but has not had much of an impact on trading so far. Consumer sentiment is due at 10:00 am EDT.
Market reaction to overnight earnings reports has been mixed. Glucose monitoring technology producer Dexcom is down 38.0% in premarket trading after sales fell short of expectations and management cut guidance blaming fewer new users and lower revenue per user. On the other hand, Bristol Myers Squibb, 3M and railroad Norfolk Southern are up 5.3%, 6.1% and 7.5% premarket after beating earnings expectations. In Canada, TFI International exceeded expectations ($2.34 vs street $2.20). Today, results are due from Suncor Energy and Cenovus Energy.