NEW YORK (CNNMoney.com) -- Stocks look to bounce back in early going as oil prices hit their lowest level of 2006.

Futures, which predict where stocks are likely to open, were up in early trading. Stocks, which were off in mid-afternoon trading Wednesday on weaker than expected earnings reports, fell further on news that a small plane had hit a New York high rise apartment building.

But stocks recovered much of that late sell-off on subsequent reports showing the crash was not an act of terrorism, but instead an accident involving Yankees pitcher Cory Lidle, who was piloting the plane.

The U.S. trade gap rose to a record level in August.

U.S. imports outstripped exports by $69.9 billion in August, according to the Commerce Department, up from the previous record $68.0 billion level set in July.

Oil prices were slightly lower ahead of the government's weekly report on U.S. fuel inventory, due out at 10:30 a.m. ET. U.S. light crude was down 14 cents to $57.45 a barrel in electronic trading, while Brent crude trading in London is 22 cents lower at $58.43. This report is normally released on Wednesdays, but because of the Columbus Day holiday it was postponed to today.

Art Hogan, chief market analyst at Jefferies & Co., said that the lower oil prices and anticipation of a strong third quarter earnings season that is just getting underway are helping to lift stocks.

"We're looking beyond Alcoa (Charts) starting the earnings season off on the wrong foot," said Hogan who expects about a 14 percent year-over-year gain for earnings for S&P 500 companies. "I think more important we're looking for good guidance, with lower energy prices. Right now there's more good news than bad news and the market is reacting to that."

Thursday morning fast food chain McDonald's (Charts), a component of the Dow Jones industrial average, reported that it expects to earn 68 cents a share in the just completed quarter, topping forecasts of 63 cents a share from analysts surveyed by First Call. The company also reported an 8.4 percent rise in systemwide sales, better than the 7 percent gain in revenue forecast by analysts.

Treasury prices were slightly higher, trimming the yield on the 10-year note to 4.77 percent from 4.78 percent level they rose to late Wednesday following the release of the minutes of the latest Federal Reserve meeting, which showed central bank policymakers still concerned about the risk of inflation.

Stocks in Asia were mixed, with Japan's Nikkei closing slightly lower as indexes in Hong Kong and Australia gained ground. Stocks in Europe were up in early trading. The dollar was lower against the euro and the yen in early trading.

In corporate news, soft drink and snack company Pepsico (Charts) reported earnings per share of 88 cents, up 71 percent from a year earlier and a penny a share better than forecasts of analysts surveyed by earnings track first call.

Early Thursday wholesale retailer Costco (Charts) reported slightly improved results that beat lowered estimates, and also said it doesn't expect to restate results following a review of its stock-option program.

More market news and information ahead of U.S. open