S&P 500 futures are about 7 points below fair value after a 20 point rally on Friday. The FX market has been quiet today so we’ll look to stocks to inject some volatility in the broader market.
Earnings remain a key focus. Bloomberg has tallied up some the results so far, noting that 89 companies in the S&P 500 have reported with 55 beating, 16 meeting and 18 missing.
Compared to the same period as last year share weighted earnings are up 9.5% but revenues only up 3.5%. Time for another buy-back.
