U.S. equity futures are up meaningfully this morning, after the market was whipsawed into the close yesterday -- reversing a strong rally.
Chinese markets settled down somewhat today, as the Shanghai Composite Index fell just 1.3%. This drop occurred even as the Chinese government stepped up with a $22 billion injection and a 0.25 basis points interest-rate cut.
In merger news, oil services giant Schlumberger (SLB) announced it would be acquiring oilfield equipment manufacturer Cameron International (CAM) for $14.8 billion in stock and cash. The deal is priced at a 56% premium to Cameron's price at close on Tuesday. This does not signal that all is well in the oil and gas sector: Transocean (RIG) announced that they are going to try and cancel their remaining dividends for this year as a result of the marked weakness in the offshore drilling market.
Some notable earnings reports hitting the market today include: Chico's FAS (CHS), Abercrombie & Fitch (ANF), PVH (PVH), Workday (WDAY), Avago Technologies (AVGO), Williams-Sonoma (WSM), and Guess? (GES).
On the domestic economic front, we saw the July Durable Goods Orders at 8:30 a.m. ET, which soundly beat consensus of a 0.4% decline -- coming in at a 2% rise. At 10:30 a.m. ET, the DOE Energy Inventories are released.
Buckle up and happy trading!