Stocks were poised for a lower open in the U.S. as traders geared up for a fairly busy day for economic data, including a business survey from the
Futures on the
were down 4 points to 1310.70, about 3 points below fair value. Nasdaq 100 futures, off 4 points to 1600.50, were 5 points beneath fair value.
Corporate news was on the light side, but investors were still digesting the news from Tuesday afternoon that carmaker
has named a new chief executive, Alan Mulally from
, and word that chip giant
will cut more than 10,000 jobs.
On the economic calendar are reports on productivity, the Institute for Supply Management's services index and the Fed's beige book, a summary of economic activity in the central bank's 12 districts. Fed policymakers will be meeting on rates later this month, and investors will use the report to help them weigh the odds of further tightening.
The market edged ahead in the previous session, with the
Dow Jones Industrial Average
adding 5.13 points, or 0.04%, at 11,469.28, and the S&P up by 2.24 points, or 0.17%, to 1313.25. The
rose 12.54 points, or 0.57%, to 2205.70.
Energy prices eased again. Crude for October delivery was losing 67 cents to $67.93 a barrel in the wake of
report this week that it and its partners have found what could be the largest domestic oil field in the Gulf of Mexico. Natural gas, gasoline and heating oil also fell.
said George Keyworth, its longest-serving director, is leaving the boardroom after a probe into press leaks around the time of the ouster of former CEO Carly Fiorina.
Treasuries continued to pull back. The 10-year note was losing 6/32 in price and yielding 4.81%.
To view David Peltier's video take on today's market, click here