Stocks on Wall Street Head for Decline

Premarket futures were pointing toward a lower open for U.S. stocks Thursday as a set of reduced analyst estimates for the financials and an uptick in crude oil prices sent investors scurrying for cover.

Futures for the S&P 500 were down 8 points at 1266 and were 8.5 points below fair value. Nasdaq futures were down 11 points at 1905 and were 11 short of fair value.

On Wednesday, the major indices fluctuated between gains and losses before ending the day in positive territory. Concern about the financial sector -- particularly mortgage companies Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) and investment bank Lehman Brothers (LEH Quote) -- left traders without much conviction as they closely eyed the price of oil. ...