LONDON -- Stock index futures at 7 a.m. EDT indicate that the Dow Jones Industrial Average (DJINDICES:^DJI) may open up by 0.12% this morning, while the S&P 500 (SNPINDEX:^GSPC) may open 0.1% higher. Both the Dow and the S&P 500 closed at new record highs yesterday, and these gains have helped propel CNN's Fear & Greed Index back into "greed" territory -- the sentiment indicator is set to open today at 59, up from last night's close of 51.

European stock markets made a strong start to the day, extending yesterday's gains through the morning, helped by a number of potential mergers and acquisitions that were reported today. New figures showed that eurozone industrial output fell by 0.3% in May compared to April, matching expectations and taking the annual fall to 1.3%. There was, however, some good news for Portugal, whose industrial output grew by 6.1% in May -- the biggest increase of any eurozone member. As of 7:55 a.m. EDT, the FTSE 100 is up 0.37%, the DAX is up 0.9%, and the CAC 40 is up by 0.21%.

Today's economic calendar is unlikely to move the markets, but any surprises will still be of interest. At 8:30 a.m. EDT, June's producer price index is expected to show a 0.5% rise over May, when prices also rose by 0.5%. The Core PPI is expected to have risen by 0.1% in June, also matching May's rise. At 9:55 a.m. EDT, after markets have opened, July's consumer sentiment index is expected to remain unchanged at 84.1, according to consensus forecasts.

Barring any further macroeconomic developments, today's big news may be the latest quarterly earnings from JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC). JPMorgan reported second-quarter earnings up a dramatic 32% to $1.60 per share on revenue of $26 billion, beating consensus forecasts for $1.44 per share. The company cited increasing consumer deposits and credit card volumes. The stock is up 0.6% in premarket trading. This morning Wells Fargo reported second-quarter earnings up 20% to $0.98 on revenue of $21.4 billion, beating analysts' expectations of $0.92 in EPS and revenue of $21.17 billion. Wells Fargo is up 0.2% in premarket trading.

Dell shares may also be actively traded this morning after investor Carl Icahn told Bloomberg yesterday that he would sweeten his $14 per-share offer for the computer maker by adding a warrant giving investors the option to buy more stock if it rises to a certain point. Icahn said the new bid would be "vastly superior" to founder Michael Dell's offer. Shares in Dell are up 0.6% in premarket action.

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