$130 Oil Suggests Uncertain Open for Stocks - TheStreet

$130 Oil Suggests Uncertain Open for Stocks

Futures on the S&P 500 and Nasdaq are down as oil taps another all-time high.
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Stock index futures were pointing to a moderately higher open for Wall Street Wednesday, but the indicators were shaky as oil surged past $130 a barrel in overnight trading.

Futures on the

S&P 500

were off 1.5 points to 1416, but were more than 2 points ahead of fair value. Futures on the Nasdaq 100 were down 5 points at 2004, but were fractionally above fair value.

Last time out, stocks plunged as traders dealt with a number of disheartening developments, including a sliding dollar, rocketing oil prices and drab inflationary data.

In the end, the

Dow Jones Industrial Average

had tanked 199 points to 12,829 Tuesday as

Home Depot

(HD) - Get Report

led the index downhill following dismal quarterly results. The S&P 500 sank 13 points to 1413, and the

Nasdaq Composite

finished down 24 points at 2492.

As the new day began, traders appeared -- at least temporarily -- to be shrugging off oil's continued run into uncharted territory. After turning over to the July front-month contract, crude touched another all-time high of $130.47 a barrel. Recently, futures were up $1.15 at $130.13.

Gold futures were tacking on $5.30 to 925.50 an once. The U.S. dollar had another weak day, losing 0.6% to the euro at $1.5763 and softening by 0.4% against the yen at 103.22.

On the corporate front, after the market's prior close, Dow component

Hewlett-Packard

(HPQ) - Get Report

confirmed that fiscal second-quarter earnings

climbed 16%

to $2.1 billion on rising revenue of $28.3 billion. The results were in line with what the computer maker announced last week, when the company simultaneously said it had

agreed to buy

EDS

(EDS)

for $13.9 billion.

H-P shares were up marginally at $46.59 in the premarket.

Meanwhile, TurboTax software maker

Intuit

(INTU) - Get Report

topped Wall Street estimates

with adjusted earnings of $1.39 a share. Revenue jumped 15%, and the company issued in-line guidance for the current quarter.

Another tech name,

Analog Devices

(ADI) - Get Report

, booked a climbing profit for last quarter and set out bullish guidance for the next, but the chipmaker's gross margin was also down slightly from the prior quarter.

As for economic data, this afternoon the

Federal Reserve

is scheduled to release minutes from its April 30 gathering, when the central bank cut the fed funds target rate by another quarter-point to 2% and implied that it may be finished with its months-long easing campaign.

Elsewhere on the economic docket, the government should release its crude stockpile data for last week at 10:30 a.m. EDT.

Treasury prices were slipping. The 10-year note and the 30-year bond were each off 3/32 in price, yielding 3.79% and 4.54%, respectively.

The major overseas markets were mixed. In Asia, Tokyo's Nikkei 225 dropped 1.7% overnight, but the Hang Seng Index in Hong Kong added 1.2%. Among European bourses, London's FTSE 100 was rising 0.4% as the Paris Cac lost that same amount. Germany's Xetra Dax gave up 0.5%.