Stocks poised for rocky start

NEW YORK (CNNMoney.com) -- Stocks could have trouble Thursday as investors struggle to shake off concerns about credit markets, oil prices and a warning about a slowdown in the tech sector.

Stock futures fell in early trading, suggesting U.S. stocks will follow overseas markets lower at the open.

Major Asian markets closed lower across the region Thursday, while European stocks tumbled in midday trade.

In economic reports, a key inflation reading was in line with expectations.

"It's going to be an interesting day. It's clear that volatility is here for a while, and a lot of it is due to what is going on in the energy and credit markets," said Art Hogan, chief market analyst at Jefferies & Co. "Until we get a firmer footing there, it's going to be difficult to sustain a rally."

Tech earnings have generally been strong in the most recent period. But after the close Wednesday, tech bellwether Applied Materials (Charts, Fortune 500), which makes equipment used by chipmakers, warned that it sees a "challenging" outlook for its business in the next two quarters and cuts its revenue and earnings guidance. Shares fell 4.3 percent in after-hours trading.

As for the spreading problems in credit markets, the Wall Street Journal reported Thursday that GMAC's home lending unit, ResCap, is in danger of violating terms of loan agreements due to declines in the value of its loan portfolio. The paper said that could lead lenders to demand immediate payment of its loans and even force the unit into bankruptcy protection. GMAC is 49 percent owned by General Motors (Charts, Fortune 500), which last week reported a much bigger than forecast operating loss due greatly to problems at ResCap, and 51 percent owned by private equity firm Cerberus Capital Management, which took another hit from credit market woes Wednesday.

Minutes before the market close Wednesday, United Rentals (Charts) confirmed earlier reports that Cerberus had pulled out of its planned $4 billion purchase of the company. Shares of United Rental plunged 31 percent in trading Thursday, though they rebounded 2.6 percent in after-hours trading.

The credit crunch also keeps hitting banks. British bank Barclays (Charts) said Thursday it would take a $2.7 billion writedown, although shares were little changed in early London trading as investors were apparently relieved the hit wasn't larger.

Shares of Swiss banking giant UBS (Charts) were down about 2.4 percent in Zurich trading after the Journal reported it may have to take a $7.1 billion charge due to risky debt holdings.

Oil prices edged lower early Thursday, losing 32 cents to $93.77. Prices have been exceptionally volatile this week and there could be another big swing with the release of the government's weekly report on fuel inventories. The report is due at 10:30 a.m. ET, delayed for a day this week by the Veteran's Day federal holiday on Monday.

The Consumer Price Index, the government's key inflation reading, rose 0.3 percent in October, in line with the forecast of economists surveyed by Briefing.com and the same rise reported in September. The more closely watched core CPI, which strips out food and energy prices, rose 0.2 percent, also in line with expectations and matched the September reading.

The report comes a day after the government reported tame inflation at the wholesale level for the month of October.

In earnings news, retailer JC Penney (Charts, Fortune 500) warned that results for the current quarter - which includes the key holiday shopping season - will be weaker than previously forecast.