Markets To Watch Today

Crude Oil: February Crude Oil futures are trading slightly higher in early trading. Crude Oil fell another 75 cents, to settle at $60.34 a barrel on Wednesday. Mild winter weather is behind the four-day decline that has brought prices back near $60 a barrel. Temperatures in the U.S. Northeast will be above average through January 9, according to the National Weather Service. Crude Inventory data is due out today at 9:30 AM CST. U.S. Crude Oil stockpiles are expected to have declined by 2.5 million barrels, mainly due to fog-related shipping disruptions in Houston last week. Gasoline inventories are expected to have gained 750,000 barrels, and U.S. distillate stockpiles are expected to have gained 500,000 barrels. February Crude Oil futures are trading up 27 cents at $60.61 a barrel in early trading.

Wheat: March Wheat futures ended the overnight session higher, recovering some of yesterday’s decline. Yesterday, March Wheat futures ended the day down 9 ¾ cents at $507.00 a bushel. Yesterday’s weakness was considered a market correction after several days of gains. Investors are looking for fresh fundamental news to provide further direction. March Wheat futures ended the overnight session up 2 ¾ cents at $509.75 a bushel.

S&P: March S&P 500 futures are trading relatively flat this morning, as the market looks for further direction after two days of gains. That direction should come from economic data due out at 9:00 AM CST. Chicago PMI is expected to come in at 50.2. Consumer Confidence is expected to come in at 102.00. Existing Home Sales is expected at 6.15 million. Initial Jobless Claims already checked in a little lower than expected at 317,000 (consensus 320,000). Yesterday saw S&P futures match Tuesday’s rally, gaining another 8.30. Trade is expected to be choppy today, with investors juggling end-of-the-year portfolio management with today’s economic data. March S&P futures are trading down 0.60 at 1436.50 in early trading.