Stock Market Update

Equity futures continue pointing to a modestly lower start, though morning action has seen a steady rise off lows that were reached about five hours ago. This leaves the S&P 500 futures with a six point loss.

Crude oil climbed toward its 50-day moving average (62.90) yesterday, and it remains just above that level this morning, holding a gain of $0.77, or 1.2%, at $63.29/bbl. That said, oil has traded in a fairly narrow range as of late, having bounced between $60/bbl and $64/bbl over the past three weeks or so.

In other commodities, gold futures are down $19.80, or 0.6%, at $3378.00/ozt while copper is lower by $0.07, or 1.4%, at $4.79/lb.