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NEW YORK (
TheStreet) -- Stock futures were trading along the flat line as oil prices take a breather but investors fear that further violence in oil producing countries could cause more supply disruptions.
Futures for the
Dow Jones Industrial Average were down by 9 points, or 8 points below fair value, at 12,069. Futures for the
S&P 500 were higher by two-tenths of a point, or marginally below fair value, at 1309, and
Nasdaq futures were lower by 5 points, or 9 points below fair value.
The Nasdaq dropped 1.4% yesterday after Wells Fargo cut its rating on chipmaker stocks, saying sales growth will likely slow. The Dow and S&P 500 also fell amid fears that rising oil prices could hurt the economic recovery.
Oil prices paused Tuesday amid
reports that the oil cartel OPEC is considering a potential increase to oil output
. Oil prices have soared to levels not seen in two and a half years as
violent clashes in Libya caused oil supply disruptions
and investors worried that political uprising across the Middle East could affect supply from some of the major oil producers. The April crude contract was trading 29 cents lower at $105.15.
The April gold contract was higher by $1.80 to trade at $1,436.30 an ounce.
Hong Kong's Hang Seng gained 1.7% and Japan's Nikkei added 0.2%. London's FTSE was down by 0.1% and the DAX in Frankfurt was also trading 0.1% lower.
Urban Outfitters(URBN - Get Report) were losing 10.8% at $33.89 ahead of Tuesday's opening bell after the
retailer missed analysts' fourth-quarter estimates
Networking software company
Broadsoft(BSFT - Get Report)
reported strong fourth-quarter results and issued better-than-expected first-quarter guidance
late Monday. The stock was up 18.3% at $41.28 in premarket trading.