US Stock Futures Indicate Turn In Tide

US stock futures climbed today, indicating a rebound in the indexes that got a heavy thrashing yesterday. While futures on the S&P 500 added 0.4% to 1,185.8 at 12:48 pm, those on the Dow Jones Industrial Average gained 0.3% to 10,988. Meanwhile Nasdaq-100 Index futures climbed 0.5% to 2,018.

Investors today are awaiting a decision by Fed officials on US interest-rate policy due out at 2:15 p.m., EDT. The arket will be seeking out pointers that the Fed will be maintaining interest rates at exceptionally low rates "for an extended period."

Meanwhile, some stocks that are creating ripples in the market are Dow Chemical Co (NYSE: DOW), which has already risen by 1.4% in premarket trade after its first-quarter results exceeded analyst estimates.
While Royal Dutch Shell PLC (NYSE: RDSA) reported stronger-than-forecast results, Sprint Nextel Corp (NYSE: S) is falling after reporting a loss. Meanwhile, first quarter results net profits of GlaxoSmithKline PLC (GSK) exceeded forecasts with the help of sales of its pandemic flu and hepatitis vaccines, its asthma treatment Advair and newer medicines such as the breast cancer pill Tykerb.

Investor focus has returned to Southern Europe today as the Portuguese PSI 20 stock market index fell 3.8%. The two-year Greek debt, which was essentially untradeable, had yields north of 30%. Except for gold, which edged up $1.60 an ounce, futures for most metals fell and those for oil stepped down $82 a barrel. Meanwhile, the dollar index gained 0.4% as investors sought safe assets.

Benzinga’s Top Pre-Market Gainers (ISSI, NVAX, RFMD, BPAX, ERIC)