In earnings news… this morning, 3M (MMM) reported better-than-expected EPS, sending shares 2.8% higher. AT&T (T) also beat the street, and shares are indicated 1.4% higher in premarket. Coach (COH), which beat analysts EPS expectations, is being sold ahead of the open – falling 2.7%.
In other news, Fitch upgraded Ford (F) credit rating to investment grade this morning, sending the stock 3% higher in premarket trade. Fitch notes significantly improved financial performance, balance sheet repair, and product portfolio as reasons for the move.
In futures markets, today’s move is a bit of a return to trend. Equity futures are higher, as is Crude Oil, Gold, Silver, and EUR/USD. Natural Gas is lower as well, falling below the $2-handle.
Later today, the S&P Case Shiller House Price Index will be released at 9 a.m. ET, followed by New Home Sales at 10 a.m. ET. Traders will also be looking at Apple (AAPL) earnings later today as a main event. AAPL is expected to report EPS of $10.07, up from $6.40 a year ago.
Today may also see some traders begin to jockey for position ahead of the FOMC announcement tomorrow – and Fed Chairman Ben Bernanke’s press conference. That show kicks off at 12:30 p.m. ET tomorrow.