After a tough day yesterday, futures are looking OK this morning and we should be set for a positive open this morning. It has been a roller coaster week that saw the DOW rise 420 points on Tuesday, and the follow that up with a drop of 300 points in yesterday’s market.
Helping this morning is a strong earnings report out of shoe and apparel giant Nike Inc. (NYSE: NKE) which reported strong third quarter earnings numbers last night. The company posted net profit of $463.8 million ($0.92 cents a share), and that its total sales surged by 16%, to $4.5 billion. Helping the company during the period were strong international sales and the weak U.S. dollar.
For right now, the market is leaning on the NKE report as a indication that not all company’s are having a tough time in the current market. Will this bullish sentiment hold through the day? We will just have to wait and see. I know that I for one would love to see the market end the short holiday week on an up day.
Oil update: We saw yesterday how oil prices were pulling back from their recent highs, and today they are continuing to move lower. Prices are trading down $2.17 to $100.37. (be advised that today the April contracts are expired, so we are now looking at the May deliveries).
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