Previewing Today's Economic Reports

Stock market futures are soaring on news of a potential second Greek bailout program, as well as better than expected economic news out of Japan. There are two important economic reports coming out in a little bit that will greatly impact the trading day. The most important number is the Chicago Purchasing Manager's Index (PMI), due at 9:45 a.m. Expectations are for it to come down from last month. Last month, the Chicago PMI had a reading of 67.6, and economists expect a reading of 62.5. At 10:00 a.m., the May Consumer Confidence numbers will be released. It is expected to edge up from April, showing a reading of 66.3. This is up from April, when the reading was 65.4. At last check, Dow futures were up 113 points, NASDAQ futures were up 24.5 points, and S&P 500 futures were up 12.1 points.