U.S. stock futures advanced following yesterday’s sell-off. As everyone has undoubtedly heard, stocks touched levels not seen in years. The sensationalized negativity inherent of the media will likely continue through out the day, so it is important to keep this in perspective.
The economy is clearly going through a difficult period and current stock market conditions reflect the fear and uncertainty of the near term. Fortunately, there has been unprecedented global efforts implemented to stabilize the situation, but it will clearly take time before these efforts produce notable results. Although the exact timing of a recovery is impossible to predict, it is important to remember that the stock market is forward looking, and will likely begin to recover despite what appears to be worsening in economic data (and worsening media headlines).
Pending home sales and auto sales data highlight today's economic calendar. Both reports are expected to exemplify the difficulties in those sectors, but will not likely be market moving announcements. Both Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner are due to speak today, which could give investors direction on future policy. Bernanke is speaking at 10:00 am ET time and Geithner at 12:30 pm.
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