Futures Mixed Ahead of Trade, Inflation Data

By Tim Paradis

NEW YORK -- Investors are finding more reason for caution as questions linger over how quickly the economy can bounce back.

Stock futures were mixed and showing only modest moves early Wednesday as investors await economic data on inflation and trade.

Investors also will be examining President Barack Obama's proposal to reshape regulations covering major financial institutions.

Overseas markets were mostly lower.

The U.S. data ahead of the opening bill could offer investors insight into the well-being of the economy. Stocks have fallen this week after carving only modest gains last week. The selling has inserted a break into a three-month rally that shuttled the S&P 500 index higher by 40% from 12-year lows. Traders are asking whether expectations for an economic recovery had been too rosy.

Ahead of the data, Dow Jones Industrial Average futures fell 17, or 0.2%, to 8,497. S&P 500 index futures fell 1.40, or 0.2%, to 906.40, while Nasdaq 100 index futures rose 1.75, or 0.1%, to 1,446.00.

Consumer prices are expected to rise in May because of a jump in the cost of gasoline. Wall Street economists expect the Consumer Price Index to increase to 0.3% for May, according to a survey by Thomson Reuters.

The deficit in the broadest measure of trade likely will fall for the first three months of this year as the recession weighed on demand for foreign goods. The nation's current account deficit likely shrank to $85 billion in the first quarter, according to economists. That would be down sharply from an imbalance of $132.8 billion in the final three months of last year.