Premarket futures were suggesting a slightly lower open for Wall Street Wednesday as solid earnings from tech giant
failed to generate enough buying enthusiasm to overcome concerns about the state of the financial sector.
Futures for the
were down 1 point at 1211 and were 5 points below fair value.
futures were even at 1799 and were 6 points under fair value.
On Tuesday, the major indices ended to the downside as
Chairman Ben Bernanke's bearish statements before Congress clashed with a substantial decline in crude oil prices.
After the close, technology bellwether Intel reported a second-quarter profit of $1.6 billion, or 28 cents a share, up from 22 cents a share in the year-ago quarter and ahead of analysts' expectations. Even so, the results failed to inspire much interest in the overall market.
Railroad service provider
also reported following the close, delivering in-line pro forma earnings of $365 million, or 89 cents a share, up from 71 cents a share a year ago.
The arrival of the new day brought with it more earnings, including numbers from
and American Airlines operator
Among materials companies, iron-ore provider
said it will buy coal miner
Alpha Natural Resources
for $10 billion in cash and stock.
Traders have a hefty batch of economic data to contend with, as well. The Bureau of Labor Statistics' consumer price index, as well as the
capacity utilization and industrial production numbers are due out a bit later. Investors will also get a look at the minutes from the June 25 Fed meeting and weekly crude inventory levels.
In commodities, crude oil was down 15 cents at $138.59 after falling more than $6 in Tuesday's session, the largest daily decline since 1991. Gold was losing $3.60 to $975.10.
As for Treasuries, the 10-year note was gaining 2/32 in price, yielding 3.81%. The 30-year was up 2/32 to yield 4.46%. The dollar was edging downward against the euro, the yen and the pound.
World markets were mixed, with Asia gaining and Europe dropping. London's FTSE and Frankfurt's DAX were lower, while Japan's Nikkei and Hong Kong's Hang Seng were edging higher.