Stocks could rally on tech news
Better than expected results from IBM, Intel, good news from Yahoo, helps lift stock futures but pending inflation and housing readings could spoil the party.
NEW YORK (CNNMoney.com) -- Strong earnings reports from some tech bellwethers have stocks pointing to a higher open ahead of some key economic readings due before the bell Wednesday.
Stock futures, an indication of where stocks will trade in the early going, were up at 5:45 a.m. ET.
After the bell Tuesday, No. 1 chipmaker Intel (Charts) reported lower earnings that nonetheless beat estimates, as the company said it is winning back lost market share. Computer maker IBM (Charts) also beat forecasts on improved earnings. Both Dow components were higher in Frankfurt trading early Wednesday.
Internet firm Yahoo! reported disappointing results, but shares gained in after-hours trading after its CEO told investors during a conference call that its long-awaited new search technology was now live. Its shares were also up in Frankfurt Wednesday.
At 8:30 a.m. ET the government will give its key inflation reading, the Consumer Price Index, as well reporting on housing starts and building permits. The CPI report, which measures prices on the retail level, will be closely watched after the Producer Price Index, which measures price pressures on the wholesale level, showed a much bigger than expected gain if energy and food prices are excluded.