Futures trade near session highs and point to a sharply higher open:
S&P futures vs fair value: +24.90. Nasdaq futures vs fair value:
+37.80. Asian markets rallied, and European markets are currently
posting strong gains. In corporate news, Chrysler and GM (GM) had their
credit ratings cut at Moody's, Ford's (F) rating was put on review for
a downgrade. Wal-Mart (WMT) plans to cut its store expansion plans,
the Wall Street Journal reports. GE (GE) used the Fed's commercial
paper facility, according to reports. Boeing (BA) and its machinist
union have reached a tentative four-year agreement, the Financial Times
reports. In earnings news, BP (BP), Occidental Petroleum and Valero
Energy (VLO) all topped expectations. Whirlpool (WHR) posted higher
than expected earnings for its latest quarter, but gave downside
guidance and announced 5,000 job cuts. U.S. Steel (X) reported third quarter earnings of $7.79, which was
$0.70 better than the average analyst estimate. However, the steel
company did acknowledge it having "significant negative effects" on its
business.