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CNBC's Domm: Today's Agenda in the Markets

Stocks are shaking off the Bernanke blues and look set to join European stock markets in a move higher this morning. The market took a dive yesterday when Fed Chairman Ben Bernanke reminded investors the economy is slowing, the Fed fights inflation, the housing market is uncertain, and oh yeah, he never really said he was going to cut rates.

Stock futures are getting an extra boost from final fourth quarter gross domestic product growth, reported at a rate of 2.5%, higher than the expected 2.2%.

Oil and Oil Producers

Tensions surrounding Iran's holding of 15 British sailor continues to worry the oil market. Prices are slightly higher this morning. In Riyadh yesterday, the Arab Summit sent a stern message to the White House when U.S. ally Saudi King Abdullah remarked on what he called the "illegitimate foreign occupation of Iraq.

Oilman Boone Pickens joins "Squawk Box" today and we'll see what his latest view is on the oil markets.