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Stock Futures Point to Weak Open

Stocks in New York appear headed for a lower open as oil ticks higher with Tropical Storm Gustav.
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Stocks in New York appeared poised for a lower open Wednesday as investors await the release of the latest U.S. manufacturing data and the price of oil ticks higher as a robust tropical storm approaches the Gulf of Mexico.

S&P 500

futures were off 2.8 points at 1268.90, which is 2.3 points below fair value.

Nasdaq

futures were down 3.5 points at 1888, 1 point below fair value.

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In the previous trading session, stocks traded in choppy fashion to rise in the final hour and close Tuesday narrowly mixed.

In economic data, investors are also awaiting the release this morning of July durable goods numbers. The Commerce Department is expected to disclose the figures around 8:30 a.m. EDT.

The price of crude futures were climbing in recent trading early Wednesday, up $1.22 at $117.459 a barrel. If Tropical Storm Gustav again grows to hurricane status, the concern is that the storm could disrupt crude supplies in the Gulf.

Perhaps also adding to investor angst over oil production, the Energy Information Administration is slated to release its weekly report on crude oil inventories around 10:30 a.m. EDT.

This article was written by a staff member of TheStreet.com.