Stock futures are edging higher this morning in what is expected to be a rather quite "news" day. On Wednesday, stocks surged higher on a plethora of economic reports, some which had been scheduled to be released today, but were moved up on the calendar and released on Wednesday.
The stock and bond markets will close today at 01:00 PM EST.
The New York Times reported this morning that a new survey among CFO's at midsize manufacturing companies found substantial optimism about business prospects in 2003, which would appear to corroborate the recently released economic data, but differ markedly with many of the views coming from America's larger company CEOs that have generally been saying business remains slow and visibility poor.
The Financial Times reports that business software maker SAP Aktiengesell's (NYSE:SAP) $22.65 CEO is saying that his company has profited during the downturn at the expense of its major rivals, including Oracle (NASDAQ:ORCL) $12.00 and Siebel Systems (NASDAQ:SEBL) $8.39, and will be in a stronger position when the enterprise resource planning (ERP) software market improves. "We are winning market share against all of them. The good thing for us is there's no strong number two. Siebel is falling down, Oracle is down a little and PeopleSoft (NASDAQ:PSFT) $19.65 is catching up against the other two, but not against us."
S&P futures (sp02z) are currently trading higher by 3 points at 941.00. NASDAQ futures are gaining 10 points at 1,134 and Dow futures are up 13 points at 8,940.
Treasuries are recouping part of Wednesday's losses with the December 10-year Treasury futures (ty02z) 112'170 +0.31% showing gains in early trading and has the benchmark bond's YIELD ($TNX.X) edging lower at 4.234%.