Futures Higher Despite Hewlett Packard, Rising Oil Prices
Stock market futures are indicating a gain of some sorts at the open, but one stock will weigh heavily on the Dow Jones Industrial Average: Hewlett Packard.
The tech company reported earnings late yesterday, and while it beat earnings estimates (who doesnt these days?) it missed on the revenue line. Its shares are down more than 9% in premarket trading. Doing the Dow math, that would mean roughly a minus-35 point hit from HPQ alone.
While futures are indicated a bit higher, just how durable an up move would be is open to some question. The situation in Libya is not much changed from yesterdays nasty news of fighting in the streets, which is providing support for oil prices, which should help Dow components ExxonMobil and Chevron. WTI is up 0.7% to $96.10 a barrel in New York, Brent is up 1.7% to $107.54 in London. Gold and silver are also both trading higher.
On the possible plus side, European markets are flat-to-higher and Treasurys are a bit weaker, indicating that the flight to safety is not as robust as it was during yesterdays session.
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