Stocks set for weak start

NEW YORK (CNNMoney.com) -- U.S. stocks were set for a weak open Wednesday, despite a better-than-expected durable goods report, as investors attempted to muster momentum to extend the recent rally.

At 8:47 a.m. ET, the Dow Jones industrial average, Nasdaq 100 and Standard & Poor's 500 futures were narrowly mixed.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street scaled new 2009 peaks Tuesday after reports showed that consumer confidence and home prices are starting to recover. Investors also took comfort in President Obama's appointment of Ben Bernanke for a second term as chairman of the Federal Reserve.

Manus Cranny, market analyst at MF Global in London, said via e-mail early this morning that investors were "cautious" ahead of this morning's slew of economic reports.

Cranny said that growth is dependant on "stabilization in new home sales today" as well as a "capital expenditure revival via the durable goods number."

Economy: A report on orders for durable goods -- big-ticket items meant to last three years or longer -- showed an increase that outpaced expectations. July durable goods orders rose 4.9%, according to the Commerce Department. This was greater than the 3.2% increase that was forecast by a Briefing.com's consensus of economists.

The government revised its figure for June, to a decrease of 1.3%.

At 10 a.m. ET, a report on new home sales comes out. The annual rate of new home sales for July is expected to total 390,000 units, according to a consensus of economist opinions compiled by Briefing.com. This would be a slight uptick from the rate of 384,000 in the prior month.

The report comes a day after an S&P/Case-Shiller report showed that home prices rose 2.9% in the second quarter versus the first quarter.

World markets: In Asia, stocks finished in positive territory. Japan's Nikkei added 1.4% while the Hang Seng in Hong Kong edged higher. Stocks in Europe were lower in morning trading.

Oil and money: Crude prices slipped by 23 cents a barrel to $71.82 in electronic trading, ahead of the U.S. Energy Department's weekly report on fuel inventories. That report is due out at 10:30 a.m. ET.

The dollar rose against major international currencies, including the euro, the yen and the British pound.

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