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WTI crude oil futures are up 1.5% to $84.44/bbl, reflecting some geopolitical angst following reports the US carried out airstrikes against Iranian backed targets in Syria, according to The New York Times.

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Republicans nominate Mike Johnson (R-LA) for Speaker. Republicans planning full floor vote today at 12:00 ET. He appears close to getting enough votes to get elected, according to The New York Times.

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Rep. Steve Scalise (R-LA) prevailed in the GOP conference vote, but House Republicans have doubts on whether Rep. Steve Scalise (R-LA) has enough votes to get elected Speaker, according to Politico.

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The stock market is poised for a higher open following yesterday’s afternoon rally. A drop in market rates has contributed to the positive bias despite ongoing geopolitical uncertainty around the situation in Israel and Gaza.

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The Reserve Bank of Australia left its cash rate at 4.10%, as expected, and Cleveland Fed President Mester (non-FOMC voter) said one more rate hike this year may be needed, according to Bloomberg.

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Stocks are poised to continue rebounding at the open, supported by the belief that the market is oversold on a short-term basis and due for a bounce. The drop in market rates has also been supportive

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This morning’s positive bias in the equity futures market is rooted in an expectation for some rebound action following large losses yesterday and this month. Gains in mega cap stocks have been supportive of the futures trade, along with a drop in market rates.

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Another headwind for stocks is the news that China’s troubled developer Evergrande announced that it cannot issue new debt and is scrapping a planned $35 billion debt restructuring.