Following a huge rally on Monday, stocks inched higher as the world waits for Slovakia and Alcoa.
First, the scoreboard:
S&P 500: +1
And now, the top stories:
- Without a doubt, the most important story of the day was a little country called Slovakia, which seemingly has the power to derail plans to resolve the Eurozone crisis. Slovakia is the last of the 17 Eurozone countries to vote on the EFSF expansion. Its parliament has been debating all day, which we’ve been liveblogging.
- The NFIB Small Business Optimism Index was 88.9, beating expectations for 88.5. The figure also reflected the first increase in six months. But the NFIB was quick to caution that this isn’t necessarily a sign of a reversing trend.
- Food commodities soared today, led by corn, soybeans, and wheat. The USDA will release its crop forecast tomorrow. Traders and analysts are arguing that growing global demand is bullish for food prices.
- Shares of fertiliser giants Mosaic and Potash may have benefited from the rally in the food commodities. A Credit Suisse analyst also made bullish comments on the stocks.
- Netflix continues to struggle, hitting a new 52-week low after a Citi analyst slashed its earnings estimates.
- Investors are also waiting for Alcoa, which kicks off earnings season after the bell.
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