April 08, 2013-Stocks Edge Higher with Gaurded Sentiment

Wall Street seems to have overcome its job worries, although sentiment is still guarded as the first quarter reporting season is set to unfold. The major U.S. index futures are pointing to a modestly higher open on Monday. Aluminum maker Alcoa (AA) is due to report its first quarter financial results and signal the commencement of the reporting season. Earlier in the day, Asian stocks closed mixed, with Japan rallying strongly, as yen continues to hit multi-year lows. At the same time, European stocks are seeing some strength on bargain hunting despite Portugal jitters. With little economic catalysts to guide the domestic markets, markets could go through the proceedings in a muted manner. The Dow futures are moving up 32 points, while the S&P 500 futures are adding 4.30 points and the Nasdaq 100 futures are gaining 6.75 points. U.S. stocks reversed course in the week ended April 5th, ending lower for the week, as domestic data, especially on the job market, turned negative and shook the confidence of traders. After last week's jobs disappointment, traders are likely to watch each incoming-economic evidence to gauge the strength or the fragility of the recovery. The Commerce Department's retail sales report for March, the weekly jobless claims report, the FOMC minutes and the results of the preliminary consumer sentiment done by Reuters and the University of Michigan are among the key first-tier economic reports that could be in the spotlight.