NEW YORK (CNN/Money) -
U.S. stocks are poised for a higher open Thursday after crude oil prices declined in overseas trading.
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For details of Wednesday's wishy-washy session, click above
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Early Thursday, Nasdaq and S&P futures turned higher after Energy Secretary Spencer Abraham said the United States expects tosee extra oil supplies from Mexico, Nigeria and Russia as well as Saudi Arabia. Abraham made his comments in Moscow.
U.S. light crude futures retreated 63 cents to $40.07 a barrel Thursday, while Brent oil futures slipped 56 cents to $36.52 a barrel in London.
Exxon Mobil CEO Lee Raymond defended oil companies Thursday afternoon after the company's annual meeting, telling reporters that the high price of gasoline at the pump was not caused by a problem with crude oil supply or corporate greed, but by factors such as political uncertainty in the Middle East.
U.S. markets had a mixed reaction Wednesday to the continuation of $40-a-barrel oil, increased tension about terrorism and some disappointing economic reports. The Dow Jones industrial average was down 0.1 percent Wednesday, while the Nasdaq composite index gained 0.6 percent. (See chart for details)
Asian-Pacific stocks ended mostly higher, although the gain for Tokyo's Nikkei was limited to 0.1 percent. European markets rose modestly in early trading. (Check the latest on world markets)
Treasury prices fell in early trading, sending the 10-year note yield up to 4.68 percent from 4.66 late Wednesday. The dollar pulled back against the yen and euro. Gold rose above $390 an ounce.
Economic reports released before the opening bell Thursday include a revised reading of the first quarter's gross domestic product.
The revised GDP came in at 4.4 percent growth, up from the initial reading of 4.2, but slightly below estimates of 4.5 percent. More notable, however, was a drop in core personal consumption expenditures -- a reading of inflation eyed by the Federal Reserve -- to 1.7 percent from 2 percent.
Economists surveyed by Briefing.com forecast that GDP would rise by a 4.5 percent annual clip.
Also out before the opening bell was a reading on initial jobless claims, which came in at 344,000, down 3,000 from the previous week. Economists forecast new initial claims of 335,000.
In corporate news, retailer Wal-Mart Stores (WMT: Research, Estimates) won approval to open its first store in Chicago, the nation's third-largest city, from the city council Wednesday evening. A proposal to allow a second Wal-Mart store fell one vote short of approval and was remanded to a council committee.
French media conglomerate Vivendi (V: Research, Estimates) narrowed its first-quarter net loss and posted an operating income ahead of analysts' forecasts.
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