U.S. futures are riding yesterday’s momentum of positive U.S. economic data refueling speculation the Federal Reserve may opt to taper its $85 billion stimulus program sooner rather than later.

The shift in sentiment can be seem in the U.S. dollar this morning as the DXY continues to climb this morning to 80.50 up 0.31 or 0.39%.

In fact many took a double take on the Midwest ISM numbers yesterday morning with several reporters asking for clarification right on air.

The positive economic data out of China (FXI, quote) kept the Shanghai composite and the Hang Seng index on the rails with China beating Purchasing Managers' Index (PMI) expectations.  China’s PMI jumped to 51.4 for the month of October compared to analyst expectations of 51.2.

Energy futures turned lower as we approach the U.S. open with WTI Crude (USO, quote) lower by -0.17% to $96.22, Brent (BNO, quote) lower by -0.22% to 108.60.  Natural gas (UNG,quote) is also lower this morning to $3.559.

Companies on deck to watch for earnings this morning are:

Markets are looking to bounce this morning on yesterday’s and overnight positive data but traders will be looking closely to today’s ISM Manufacturing PMI and ISM Manufacturing Prices at 10 am.  Keep an ear open for comments from FOMC Member Bullard as he is scheduled to speak today at 9:10 am this morning.

Both the PMI and the FOMC Member Bullard comments can send markets in either direction.

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