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CPI, Intel (INTC) impact S&P futures, which hit 914 shortly before open.
Jud Pyle is the Chief Investment Strategist for Options News Network. After four years with SBC Warburg, he joined PEAK6 Investments as an equity options trader and chief risk officer. July 15, 2009 8:12 EDT Related Symbols: ABT, AMR, INTC, SPX, SPY
S&P 500 futures are currently trading up 12.5 to 914. The index closed last night at 905.84. Fair value basis is roughly negative 3.5, so fair value of the futures is roughly 902.34.
Intel (INTC) is driving the rally after the semiconductor company guided revenue higher; INTC shares are currently trading up $1.27 to $18.10 following an earnings report last night.
In economic news, the consumer price index (CPI) was announced at 7:30 CST. Consensus estimates were for a 0.6% rise in consumer prices in June and the number was a higher-than-expected 0.7%. The announcement of the CPI barely changed futures at first, but they have since picked up an extra point as they were 913 prior to the announcement. Overnight range of the futures was 907 to 914.
Other big headlines for this morning are earnings reports from AMR Corp. (AMR), parent company of American Airlines, and Abbott Laboratories (ABT). ABT shares are currently trading down 80 cents to $45.70, and AMR stock is trading up 18 cents to $4.36 a share.
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