Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Wednesday U.S. trading session served as a reminder of just how sensitive U.S. investors are to the debt situation in Europe, with stocks selling off significantly in the final hour on a Fitch report on U.S. bank exposure.
Futures are pointing to a mild rebound this morning at the open, with stocks trying to avoid their first 2-day losing streak of November.
We'll watch for reaction this morning to the results of a Spanish bond auction of 10-year bonds, at which yields spiked to 6.975%, the highest since 1997.
A busy week of economic numbers continues this morning, with several key reports out before the open.
At 8:30am ET, the government is out with housing starts for October, with consensus forecasts calling for an 8.1% drop following September's 15% jump.
Building permits are seen rising 3.2%, reversing September's 5.7% drop.
Also at 8:30am ET, consensus forecasts call for initial jobless claims to come in at 397,000 for the week ending November 12, up from the prior week's 390,000.
And at 10am ET, the November Philly Fed survey reading is expected to remain steady at 8.7, identical to the October number.
Retailers are again prominent among companies releasing earnings, with Dollar Tree (DLTR), Sears Holdings (SHLD), and Ross Stores (ROST) out with quarterly reports before the opening bell. We'll also see quarterly numbers from Gamestop (GME) and J.M.Smucker (SJM).
After the closing bell, earnings reports are due from Gap (GPS), Intuit (INTU), Salesforce.com (CRM), and Marvell (MRVL).
Applied Materials (AMAT) is among our stocks to watch today, as it beat Wall Street estimates with its fiscal fourth quarter profits.
Netapp (NTAP) will be under pressure this morning, after missing forecasts with its fiscal second quarter profits and giving a bearish forecast.
We'll see if retailers get any sort of boost from a new National Retail Federation report, which says more Americans are planning to shop on Black Friday this year than last.
The NRF says 152 million shoppers intend to hit the stores that day, which would be a better than 10% increase over last year.
Delphi Automotive (DLPH) returns to the public markets today following the pricing of its initial public offering.
The former GM unit saw its IPO price at 22 dollars per share, at the low end of the projected range.
That values the company at about $7.2 billion, well below an estimate of $10 billion to $14 billion earlier this year.
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