Wall Street seems to be persisting with the optimism, as indicated by the index futures, which point to a modestly higher opening on Wednesday. A slew of earnings are scheduled to be released before the markets open, while Main Street activity of the day is once again light. Traders would keep their focus on the action in Greece, which is struggling to agree domestically on austerity measures and also to clinch a deal with its PSI investors. The market needs a real thrust for a further leg up from their overbought levels.
As of 6:30 am ET, the Dow futures are rising 17 points, the S&P 500 futures are adding 0.30 points and the Nasdaq 100 futures are moving up 4 points.
After seeing some weakness in early trading on Tuesday, the major U.S. averages recovered in late afternoon trading. Thereafter, amid expectations that Greece will clinch a deal, the averages stayed mostly afloat before closing modestly higher.
In economic news, San Francisco Federal Reserve Bank President John Williams speaks to the Bishop Ranch Forum on "The Federal Reserve and the Economic Recovery," in San Ramon, California at 10:40 am ET.
The customary petroleum inventory report for the week ended February 3rd is due at 10:30 am ET. A report released by the American Petroleum Institute showed that crude oil stockpiles fell by 4.5 million barrels in the week ended February 3rd. Crude oil futures are currently trading higher.
In corporate news, Disney's (DIS) first quarter earnings exceeded estimates, while its revenues missed estimates.
Panera Bread's (PNRA) fourth quarter earnings were in line, while its revenues trailed estimate. The company raised its 2012 earnings guidance to $5.50-$5.55 per share from $5.38-$5.48 per share, with the latest guidance surrounding the consensus estimate.
L-3 Communications (LLL) announced an 11 percent increase in its quarterly cash dividend to 50 cents per share. 3M Co. (MMM) also raised its dividend by 7 percent to 59 cents per share.
Waste Connections (WCN) reported fourth quarter earnings that were in line, while its revenues exceeded estimates. The company also said it expects 2012 revenues of $1.615 billion, about in line with estimates.
ValueClick (VCLK) reported fourth quarter non-GAAP earnings of 47 cents per share on revenues of $182.6 million. The results were better than expected. For the first quarter, the company expects non-GAAP earnings of 34-35 cents per share on revenues of $155 million to $160 million.
Hartford Financial (HIG) reported fourth quarter core earnings of 69 cents per share, lower than $1.24 per share in the year-ago period. Peer Lincoln Financial (LNC) said its fourth quarter operating income of $1 per share, higher than 82 cents per share last year. Hartford's earnings beat estimates, while that of Lincoln's met estimates.
Computer Sciences (CSC), CVS Caremark (CVS), Ingersoll-Rand (IR), InterContinentalExchange (ICE), Polo Ralph Lauren (RL), Reynolds American (RAI), Sprint Nextel (S) and Time Warner (TWX) are among the companies due to release their results before the markets open.
Some of the companies scheduled to release their earnings scorecard after the markets close include Akamai Technology (AKAM), Cisco Systems (CSCO), Everest Re (RE), Exelixis (EXEL), Fidelity National (FNF), Groupon (GPRN), Ingram Micro (IM), Kimco Realty (KIM), News Corp. (NWS), O'Reilly Auto (ORLY), Prudential (PRU), RailAmerica (RA), Triquint Semiconductor (TQNT), Visa (V) and Whole Foods (WFM).
The major Asian markets advanced solidly, with the Chinese Shanghai Composite once again leading the gains with a nearly 2.50 percent advance. The overnight gains on Wall Street spurred the rally in the region. Resource stocks were the best performers in the region.
Japan's Nikkei 225 average rose 98.07 points or 1.10 percent before closing at 9,016. Meanwhile, Australia's All Ordinaries ended at 4,364, up 18.80 points or 0.43 percent, with energy stocks leading the gains.
European stocks are advancing, although the gains are more modest than in Asia. Germany auctioned 5-year bonds at relatively lower yields but it could not sell all of the target it had set itself. The earnings news from the region has been mixed.
Nokia (NOK) announced elimination of 4,000 jobs in Hungary, Mexico and Finland as it has decided to shift device assemblies to factories in Asia. Sanofi-Aventis (SNY) reported strong fourth quarter earnings and revenues. That said, the company sees a 12-15 percent drop in adjusted earnings for 2012, as it gets hit from patent expiration of its blood thinner Plavix and hypertension drug Avapro.
In economic news, German trade surplus fell to 13.9 billion euros in December from 14.9 billion euros in November. The monthly rate of export growth outpaced that of the imports.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.