Premarket, futures are up with the Dow showing +19 at the open. Dow stocks at new highs include Bank of America (BAC), Johnson & Johnson (JNJ), JPMorgan (JPM) and 3M (MMM). There are no Dow stocks at 52 week lows.

The Market

The Dow is just 1.2% away from its record high set in October of 2007.

Cisco (CSCO) reports earnings today after the market close and is is expected to report second quarter EPS of $0.48 vs. $0.47 a year ago.

Last night, President Barack Obama outlined an ambitious agenda in his State of the Union address that included raising the minimum wage, increasing spending on infrastructure, attacking climate change and passing gun-control legislation.

The Census Bureau reported that retail sales inched up 0.1% in January, following a 0.5% rise in the previous month.

European markets are higher.

Markets in Shanghai and Hong Kong remained closed for the Lunar New Year holiday.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +3.4% with purchase sub-index +2.2% and refi sub-index +3.5%.

0830 ET Jan import price index expected +0.8% y/y and -1.0% y/y, Dec -0.1% m/m and -1.5% y/y.

0830 ET Jan retail sales expected +0.1% m/m, Dec +0.5% m/m. Jan retail sales ex-autos expected +0.1% m/m, Dec +0.3% m/m. Jan retail sales ex auto and gas expected +0.3%, Dec +0.6% m/m.

1000 ET Dec business inventories expected +0.2%, Nov +0.3%.

1000 ET Nomination hearings for U.S. Treasury Secretary nominee Jacob Lew.

1030 ET DOE Weekly Petroleum Status Report.

1110 ET St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at Arkansas State UniversityÂ’s agribusiness conference.

1300 ET Treasury auction of $24 billion of 10-year T-notes.