Stocks are looking moderately positive at the open today, driven improved profit sentiments. The news comes on the heels of a couple of companies, Yahoo! Inc. and Aetna Inc., announcing gains on original profit expectations.

First Data Corp. saw its profits rise too. As well, Accenture returned to profitability last quarter.

Also weighing in on the positive side of the market is news that initial jobless claims in U.S. dropped by 40,000 last week to 384,000 claims. This is the lowest level the market has seen for a couple of months now, improving the economic outlook, if only a little.

The fact that U.S. ports on the West Coast reopened last night is also buoying traders’ spirits.

On the downside, it was reported that same-store sales numbers look lower for retail giant Wal-Mart Stores Inc., BJ’s Wholesale Club Inc. and J.C. Penney Co.

On the economic front, both the European Central Bank and the Bank of England decided to stand pat on interest rates this morning. This was in line with expectations.

Canada’s New Housing Price Index rose 0.5% between July and August. Compared with August 2001, this index of contractors’ selling prices increased 4.2%.
Demand remained strong for new housing thanks to job growth, low interest rates and greater consumer confidence. A shortage of skilled workers pushed up prices nationally.

Overseas markets are down, despite the positive signs in the US. futures markets. European stocks are weaker after the European Commission cut its economic-growth forecast. The FTSE is down 30 points to 3,713. The CAC 40 has lost just three points to 2,654 and the DAX has dipped seven points to 2,591.

Stocks were also notably weaker in Asia overnight. The Nikkei dropped another 100 points closing at 8,440. The Hang Seng also fell, losing 119 points to 8,859.