Stocks to continue debt debate watch

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NEW YORK (CNNMoney) -- U.S. stocks were set to open little changed Wednesday, as investors worried about the impending debt ceiling deadline, and lawmakers showed little evidence they are moving closer to a deal.

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

Stocks dropped deep into the red Wednesday, as Congress continued to stall on a debt ceiling agreement and a report indicated a slowdown in the manufacturing sector.

Worries about Washington's inability to reach a solution for its fiscal problems by the Aug. 2 debt ceiling deadline have sparked a recent sell-off in the market -- with the Dow falling for the past four days.

On Thursday, the House will vote on the debt ceiling plan favored by Republicans. Even if the measure passes, it is expected to die in the Senate, and President Obama has threatened to veto it.

"Markets are going to remain jittery until a deal is done," said Bill Hampel, Chief Economist at Credit Union National Association. "These things always go down to the last minute and get resolved. But there is a nagging doubt this time around."

Why the nagging doubt? The debate in Washington is particularly caustic.

"The rhetoric around the debt ceiling is creating high level of uncertainly among market participants," Hampel said.

America's Debt Crisis

Economy: The Labor Department reported 398,000 Americans filed for initial unemployment benefits last week -- it's the first time claims have dropped below 400,000 in more than three months. Economists polled by Briefing.com had expected 415,000 claims.

A report on pending home sales from the National Association of Realtors is due at 10 a.m. ET. Sales are forecast to have slipped 3% in June, after jumping 8.2% in May.

Investors are also looking ahead to Friday's monthly GDP report. The government will report how much the economy expanded in the second quarter -- but don't expect much good news.

A CNNMoney survey of economists forecasts the economy grew only at a 1.8% annual rate in the second quarter, which would be a slight slowdown from the first quarter, when it grew an already lethargic 1.9%.

Companies: Oil producer Exxon Mobil (XOM, Fortune 500) reported earnings per share of $2.18, missing analyst estimates of $2.33 per share. Revenues came in at $125.4 billion, up from $92.5 billion over the same period last year. Shares dropped more than 1% in premarket trading.

its quarterly numbers before the opening bell. Analysts surveyed by Thomson Reuters expect that Exxon earned a share, helped in part by elevated oil prices.

Exxon and Microsoft bonds: The real safe haven

Investors will also get results from MetLife (MET, Fortune 500) and Starbucks (SBUX, Fortune 500) after Thursday's closing bell.

Time Warner Cable (TWC, Fortune 500) reported better-than-expected quarterly earnings of $1.24 per share. The company attributed to growth in high-speed data and voice revenues.

Sony (SONY) reported a loss of per share of 19 cents, but had lower sales than the same period a year ago. Sony attributed the loss primarily to the impact of the earthquake that rocked Japan earlier this year.

World markets: European stocks were lower in morning trading. Britain's FTSE 100 slipped 0.6%, the DAX in Germany lost 1.6% and France's CAC 40 fell 1.2%.

Asian markets ended mixed. The Shanghai Composite edged lower 0.5% and Japan's Nikkei was off 1.5%, while the Hang Seng in Hong Kong ticked up 0.1%.

Currencies and commodities: The dollar strengthened against the euro and British pound, but weakened against the Japanese yen.

Oil for September delivery slipped 6 cents to $97.34 a barrel.

Gold futures for August delivery rose $2.30 to $1,617.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield dropping to 2.97% from 2.98% late Wednesday.