Morning Outlook

Futures are heading slightly higher on Wednesday after a slew of earnings that have had once common theme, lack of revenue growth. Solid bottom lines have these companies making money hand over fist, but the lack of top line growth is concerning. Although the economic calendar is clear today, Fed Chairman Ben Bernanke will testify before Congress today. When he speaks, people listen, and the markets will definitely be looking for insight on fed policy moves as the economy slows down from Q1 and Q2. Earnings continue to roll along from The Coca-Cola Company (KO) , Morgan Stanley (MS), Wells Fargo & Co (WFC), USBancorp (USB), eBay Inc (EBAY) and Qualcomm Inc (QCOM) Dow Jones industrial average futures gained 7, or 0.1 percent, to 10,185. Standard & Poor’s 500 index futures rose 1.60, or 0.2 percent, to 1,081.70, while Nasdaq 100 index futures advanced 13.50, 0.7 percent, 1,853.25 on earnings from AAPL.

Stocks were down sharply Tuesday, with the blue chips losing 150 points in the morning. However, equities rebounded on the extension of jobless benefits and positioning into today’s earnings. By the closing bell, the Dow Jones industrial average rose 75, or 0.7 percent, to 10,229. The Standard & Poor’s 500 index gained 12, or 1.1 percent, to 1,084, while the Nasdaq composite index advanced 24, or 1.1 percent, to 2,222.49

Currencies and Commodities

The dollar fell 0.6028% at 86.9830 yen in the currency market. The euro is down 0.5243% at $1.2812 while the pound lost 0.0262% to $1.5259. Gold on the COMEX gained $3.20 to 1194.90, while silver climbed 0.80% at $17.83. Light, sweet crude for September delivery rose 51 cents to $78.09 on the NYMEX; a 0.66% gain