Opening Bell: 21.4.08

S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -7.8. Futures suggest a lower start to the trading day. Earnings reports have been mixed this morning. Bank of America (BAC) missed its estimate by $0.18, and Eli Lilly (LLY) fell four cents short. But there were some bright spots, as Merck, (MRK), Novartis (NVS), Hasbro (HAS) and Halliburton (HAL) all topped expectations. Meanwhile, crude oil has hit an all-time high of $117.40 per barrel.