Stocks set for mixed start
Wall Street awaits Obama's details of sweeping financial regulation reform. Investors show little reaction to CPI.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open mixed Wednesday, showing little reaction to the latest figures on inflation, as investors awaited more details about President Obama's plan to overhaul financial regulation.
At 8:50 a.m. ET, Dow Jones industrial average and S&P 500 futures were slightly lower and Nasdaq-100 futures were up a little.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Manus Cranny, market analyst at MF Global in London, said the lackluster trading activity stems from the general assessment -- partly influenced by recent comments from President Obama -- that "it's going to be a much harder road to recovery than was expected."
Cranny said the downturn in the stock market so far this week is the result of rallies that "got way ahead of our expectations."
U.S. stocks have tumbled the past two days, dragged lower by concerns that the global economic recovery is not on stable footing. On Tuesday, the Dow, S&P 500 and Nasdaq all shed about 1%.
Financial reform: The White House outlined Obama's plan to restructure how banks and other firms are regulated late Tuesday. Obama is due to provide more details Wednesday.
Among his proposals are expansion of the role of the Treasury Department and the creation of a consumer watchdog that will monitor mortgage and credit card practices.
Economy: The government's release of the Consumer Price Index shows lower-than-expected inflation at the consumer level.
The CPI rose 0.1% in May, lower than the 0.3% increase expected by a consensus of economists from Briefing.com. CPI was flat in April.
The core CPI, which excludes volatile food and energy prices, edged up 0.1% in May, matching consensus expectations from Briefing.com consensus. In the prior month, it rose 0.3%.
For the year, consumer prices plunged 1.3%, the biggest annual drop since 1950.
Companies: The delivery company FedEx (FDX, Fortune 500) reported a loss of $2.82 per diluted share for the quarter ended May 31. This includes charges from the acquisition of Kinko's and Watkins Motor Lines.
FedEx also projected earnings of 30 to 45 cents per diluted share in the current quarter. Chief Executive Frederick Smith said, in a press release, "there are signs that the worst of the recession is behind us."
World markets: Most Asian stocks fell, but Japan's Nikkei bucked the trend and finished nearly 1% higher. Major markets in Europe were lower in midday trading.
Oil and money: The price of oil fell 96 cents a barrel to $69.51.
The dollar was mixed, slipping against the euro and the yen but up versus the British pound. 
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