(MENAFN- ProactiveInvestors) U.S. stock futures were slightly lower in early trading Wednesday amid another oil slump after the Dow shook off major losses yesterday coming back from a 222 point decline to close off just 51 points.
Futures on the three major US indexes were down between 0.1% and 0.2% premarket.
Oil prices resumed their slide today with the January contract in New York last down $1.23 at $62.59 a barrel in electronic trading. Ahead of inventory data OPEC said it sees less demand for its own oil in 2015 forecasting demand will drop to 28.9 million barrels a day next year compared with 29.4 million in 2014. The cartel remains divided on how to respond to the oil price with one member saying OPEC may hold an emergency meeting before its June gathering according to a Reuters report.
On the economic agenda the November Federal budget statement is the only government economic report out today expected at 2:00pm ET.
In corporate activity (NYSE:) said it will spend $1 billion for a company-wide restructuring while also announcing plans to review its capital spending for next year in light of the oil price.
According to a report in the FT JPMorgan () has a $22 billion capital hole under new rules proposed by the with the bank having until 2019 to reach the new buffer.
In corporate earnings (NASDAQ:COST) gained premarket after topping estimates on earnings with revenue essentially in line with forecasts as same store sales excluding fuel increased 7%.
Toll Brothers () meanwhile fell short of earnings expectations though its top line beat estimates. Shares still fell premarket even as it said it sees positive momentum going into the new fiscal year.
Yum Brands () shed almost 5% premarket after cutting its profit forecast for a second time as sales in China still lagged.
Krispy Kreme () also dropped before the opening bell as its quarterly results came in below analysts' estimates.
After the closing bell today retailers will be in focus as Men's Wearhouse () Restoration Hardware (NYSE:RH) and Wet Seal (NASDAQ:WTSL) are all due to report quarterly results.
European markets were higher today with shares in Germany leading the region. Asian shares also mostly finished positively apart from a 2.25% decline for Japan's Nikkei as a stronger yen prompted investors to sell exporters' shares. Japanese consumer confidence also weighed on stocks dropping for a fourth consecutive month.
Gold futures for February delivery edged up $1 to $1233 an ounce.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.