The S&P 500 is up 16 points shortly after the start of trading, or 0.4%. The Nasdaq is underperforming and up just 0.2%.

At 9:45 am ET, we get the latest services and manufacturing PMIs from S&P Global (formerly Markit). The consensus isi a dip to 56.0 from 57.5 on manufacturing and a flat reading at 53.5 on services but there's some angst after the soft eurozone PMIs earlier.