S&P 500 futures rose 4.75 points to 1372.00, NASDAQ futures rose 30 points to 2650.00 and Dow Jones Industrial Average futures rose 16 points to 12876.00.

Commodities were dealing with different crisis across the world. WTI crude futures rose on tensions in the Middle East. WTI was up $2.44 to $92.31 and gold futures rose $16.20 to $1587.00.

Corn and soybean futures continued their July climb, rising 11 and 39.20 cents respectively. 95% of the number 2 largest corn and soy state of Illinois was in what is considered a severe drought, up from 65% last week.

Morgan Stanley (MS) released weak earnings after reporting the lowest stock and bond trading revenue on Wall Street. Profit was $591 million and 29 cents a share Shares were trading at $13.37, down 62 cents or 4.43% on the day.

Nokia Corp. (NOK) also released a weak set of earnings due to its premier telephone handset missed sales expectations. Although earnings were weak, they did boast a healthy supply of cash.

J.M. Smucker, the jam company released earnings of 52 cents a share, an increase of 8%. Maybe people flock to jam based sandwiches in difficult economic times?