It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.
The crude oil market is under pressure, not so much because the market is oversupplied today, but it might be tomorrow. The International Energy Agency IIEA with its consistent track record of underestimating demand.
The U.S. shale industry is expected to be rocked by subpar earnings and reports that bankers are running away from oil shale investments. This comes as Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by 17 to 696 this week.
Earnings and trade optimism have lifted the S&P back to highs of the week. Although it is flirting above a crucial marker at 3008.50, the NQ trails slightly in relevance to highs set Tuesday and last Thursday.