Futures Flat Ahead of GDP

Stock market futures were struggling to hold the buzz of a late-day rally Tuesday, as oil futures climbed to the $70 level again, and retailer Costco (COST Quote - Cramer on COST - Stock Picks) warned of lower profits as margins get squeezed.

S&P 500 futures recently rose half a point to 1,305.60 and Nasdaq 100 futures were flat at 1,576.00.

In Tuesday trading, the Dow Jones Industrial Average gained 0.2% to close at 11,369.94, after trading below 11,300 intraday. The S&P 500 gained 0.2% to 1303.28 after dropping 6 points during the day. The Nasdaq Composite jumped 0.5% to 2172.30 after falling 15 points earlier in the day.

Crude oil futures Wednesday were rising 52 cents to $70.23 a barrel in electronic trading. Later this morning, traders will be eyeing weekly oil statistics that are expected to show declining crude and gasoline inventories.

Other data out will include a second reading of U.S. economic growth during the second quarter, and traders will be also be tuning in to a speech from the president of the Dallas Federal Reserve, Richard Fisher.

The euro was flat against the dollar, and the greenback crept higher on the Japanese yen.

Costco said it expects to make 68 cents to 71 cents a share for the fourth quarter. Back on May 31, the company said the 77-cent Thomson Financial estimate was at the high end of its expectations.

To view Farnoosh Torabi's video take on today's market, click here