Stocks set for mixed open
Trade gap narrows, giving a lift to futures. But writedowns by JPMorgan and UBS could drag on markets.
NEW YORK (CNNMoney.com) -- Stock futures were mixed Tuesday as oil prices dipped and the government reported a lower-than-expected trade gap, after showing signs of earlier weakness on losses reported by JPMorgan and UBS.
About an hour before the market open, Nasdaq and S&P futures were mixed.
Stocks have rallied during the past two sessions. Lower oil prices and Russia ending its military operations in Georgia seem to be offering some support.
Oil: Crude prices were down on signs of softening demand, but off their earlier lows. U.S. crude for September delivery fell 23 cents to $114.22 a barrel in electronic trading Tuesday.
Nymex crude is down substantially from its high of $147.27 on July 11.
The banks: The banking giant JPMorgan said in a filing with the Securities and Exchange Commission that it suffered more substantial third-quarter losses related to the hard-hit mortgage sector than it did in the second quarter.
JPMorgan (JPM, Fortune 500) said that problems in the credit market caused it to lose $1.5 billion.
Also, the battered banking giant UBS AG (UBS) reported second-quarter writedowns of $5.1 billion.
Trade deficit: In the biggest economic report of the day, the government reported a June trade deficit of $56.8 billion, which was not as wide as forecast. A consensus of analyst had projected a deficit of $61.9 billion. The June deficit was lower than the revised $59.2 billion reported for the prior month.
Georgia conflict: Russia's president has ordered an end to military operations against Georgia. Russian troops had advanced beyond Georgia's disputed regions, raising fears of a deeper conflict.
EIA: The Energy Information Administration is expected to issue an energy outlook on Tuesday.
World markets: Stocks in Asia finished mostly lower. European trading was mixed. The dollar was down versus the euro and yen. 
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