U.S. equity indexes are little-changed after hitting another long-term high yesterday.
S&P 500 futures are hovering in a range this morning after the index advanced to its highest level since late 2007. European markets, commodities, and currencies are bullish, while Asian indexes were mixed overnight.
Equities have been steadily advancing amid optimism about the global economy and as capital pours in from the sidelines. The question now facing investors is whether to keep buying at these levels or wait for another pullback.
The economic calendar is busy today, which could redirect sentiment before the opening bell. Earlier in the session, German manufacturing orders posted a unexpected drop, and the European Central Bank left interest rates unchanged.
The market will now turn to U.S. retailers' same-store sales data for February. Initial jobless claims will be released at 8:30 a.m. ET, which may be viewed as an early signal for tomorrow's pivotal non-farm payrolls report.
Commodities and currencies are mostly positive. The euro, Australian dollar, and Canadian dollar are higher, while the Japanese yen is lower against other currencies. Oil is little-changed, while metals and agricultural foodstuffs are modestly higher.
In company-specific news, PetSmart is down after issuing a weak outlook for the full year. Telecom supplier Ciena is up after reporting first-quarter results.
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