[BRIEFING.COM] S&P futures vs fair value: +45.50. Nasdaq futures vs fair value: +166.80.
Stocks are poised for a rebound at the open as the S&P 500 futures trade 45 points, or 1.7%, above fair value. The S&P 500 heads into Friday's session down 5.5% for the week.
The Q3 earnings season began this morning with reports from big banks JPMorgan Chase (JPM 110.10, +1.97), Citigroup (C 70.46, +2.08), and Wells Fargo (WFC 52.25, +0.81). JPM Morgan Chase and Citigroup both beat earnings estimates, but Wells Fargo came up short. Shares of all three companies are higher in pre-market trading nonetheless, sporting gains between 1.6% and 3.0%.
In the bond market, the yield curve is attempting to reverse yesterday's flattening move, with the benchmark 10-yr yield up three basis points to 3.16%, and the Fed-sensitive 2-yr yield flat at 2.86%.
On the data front, import prices increased 0.5% in September after sliding a revised 0.4% in August (from 0.6%). Excluding oil, import prices were flat in September after slipping a revised 0.2% in August (from 0.1%). Meanwhile, export prices were flat in September after falling a revised 0.2% in August (from 0.1%). Excluding agriculture, export prices increased 0.2% in September after decreasing an unrevised 0.2% in August.
Today's last economic report, the preliminary reading of the University of Michigan Consumer Sentiment Index for October (Briefing.com consensus 100.0), will be released at 10:00 AM ET.