Stocks: Oil and banks in focus

premarket u.s. stocksClick chart for more premarket data By CNNMoney staff


NEW YORK (CNNMoney) -- U.S. stocks were poised for a flat open Wednesday, as investors continue to monitor developments in Libya.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were slightly higher. Futures measure current index values against perceived future performance.

Investors remain on edge. Oil prices have been surging for weeks and there's been little on the domestic front to help give stocks a sustained boost.

U.S. stocks closed broadly higher Tuesday, led by a strong performance in the financial sector. Bank of America (BAC, Fortune 500) CEO Brian Moynihan issued a rosy multi-year outlook at the bank's first shareholder meeting in four years, sending BofA shares up 3.5% and giving other retail banks a boost.

The positive news from BofA was carrying over to premarket trading on Wednesday, said Dick Del Bello, senior partner with Conifer Group. "But it's secondary to oil and the Middle East," he said.

Oil prices dipped below $105 a barrel in electronic trading, extending Tuesday's declines. But the outlook for oil prices remains cloudy.

"Oil is not going to $150 to $200 [a barrel], which would put the world into a recession," said Del Bello. "Maybe we have a little bit of calming. I would call this a calm in the storm - the eye of the storm."

Investors are likely to remain focused on geopolitical developments and crude prices. Traders are worried that growing unrest in North Africa and the Middle East will undermine oil output from the region, which could drag on the global economic recovery.

Economy: The Commerce Department's wholesale inventories report is due at 10 a.m. ET. Economists expect they rose an average 1% in January, according to a consensus estimate from Briefing.com.

Companies: A few mall-based retailers report quarterly results, including American Eagle Outfitters (AEO), before the opening bell. After the close, Hot Topic (HOTT) and Coldwater Creek (CWTR) will release their earnings.

World markets: European stocks were mixed in morning trading. Britain's FTSE 100 slid 0.3%, but the DAX in Germany rose and France's CAC 40 edged up 0.1%.

Portugal experienced a jump in yields as it issued two-year bonds on Tuesday, but fears of a potential bailout didn't have much impact on international markets.

Asian markets ended the session with gains. The Shanghai Composite rose nearly 0.1%, the Hang Seng in Hong Kong added 0.4% and Japan's Nikkei advanced 0.6%.

Currencies and commodities: The dollar slipped versus the euro and the British pound, but was flat against the Japanese yen.

Gold futures for April delivery rose $6.50 to $1,433.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was slightly higher, with the yield slipping to 3.53% from 3.54% late Tuesday.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.