Futures were flat this morning, but the major indexes are up nearly 5% for the week. Overseas markets are up. A surprise interest rate hike in South Korea was viewed as a sign of confidence that the global economy will continue to expand.
There will be little in terms of economic news today. The only report on tap is a reading on wholesale inventories. The government report is expected to show inventories held by wholesalers rose in May for the fifth straight month. Growth in inventories is a positive sign because it means wholesalers are increasing orders from manufacturers and expecting retails to also start buying more goods to sell to consumers.
Earnings season gets underway next week, with Alcoa on Monday. Other companies scheduled to release results next week include JPMorgan Chase & Co., Bank of America, General Electric, and Intel.
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