Futures saddled with surging oil
Stock futures turn lower as crude pushes to new record over $130 a barrel; Fed minutes on tap.
NEW YORK (CNNMoney.com) -- Stocks looked set for a lower open Wednesday as crude prices shot to a new record above $130 a barrel.
At 8:09 a.m. ET, Nasdaq and S&P futures were slightly lower with a comparison to fair value, suggesting a negative open.
Crude futures kept climbing Wednesday, with the front-month contract touching a new trading record above $130 a barrel in electronic trading. The government is due to report its weekly inventory report at 10:30 a.m. ET.
The rise in crude prices could push oil stocks higher. Oil companies will also be in focus as the Senate Judiciary Committee begins a hearing on gas prices.
On the economic front, investors will scrutinize the minutes from the Federal Reserve's April 30 meeting. The Fed lowered rates at that meeting but hinted it may be ready to pause its rate-cutting campaign. The Fed minutes are due out at 2 p.m. ET.
In corporate news, General Motors (GM, Fortune 500) reached an agreement with workers at its Kansas City, Kan., assembly plant Tuesday that could help it end a string of labor problems.
Tech giant Hewlett-Packard (HPQ, Fortune 500) reported higher profits late Tuesday, but shares fell in after-hours trading as investors remained nervous over how the company will integrate newly acquired Electronic Data Systems.
Media conglomerate Time Warner (TWX, Fortune 500), parent of CNNMoney.com, detailed plans of the spinoff of its cable arm. Time Warner will receive a hefty $9.25 billion dividend as part of the separation of Time Warner Cable.
Office supply retailer Staples (SPLS, Fortune 500) looks like it could be locked out of a hostile bid for Netherlands-based Corporate Express after the Dutch firm said it's buying Lyreco of France for around $2.7 billion.
And bookseller Barnes & Noble (BKS, Fortune 500) is exploring a possible bid for rival Borders (BGP), according to a report in the Wall Street Journal.
In global trade, most Asian stocks skidded into the red. European shares rose in morning trading. 
