stocks could slip on oil again
I STILL THINK WE WILL HAVE A GREEN DOW TONIGHT ! :))
Stocks could slip on oil again
Rising tensions over Iran's nuclear program keeps oil prices high ahead of U.S. fuel inventory report, pushing stock futures lower. April 12, 2006: 6:34 AM EDT
NEW YORK (CNNMoney.com) - Stocks could face pressure from rising oil prices and inflation concerns in the face of growing crisis in Iran.
U.S. stock futures were down in early trading, indicating a lower open for U.S. markets, as oil prices remained high in early trading ahead of the U.S. fuel inventory report due at 10:30 a.m ET.
The May light crude futures contract for NYMEX slipped 5 cents to $68.93 a barrel in electronic trading, while the May contract for Brent crude edged 6 cents lower to $69.31.
Tuesday, Iranian President Mahmoud Ahmadinejad confirmed Iran had produced low-grade enriched uranium, a move that brought condemnation from the United States and some of its allies. Iran is the world's No. 4 oil exporter. The head of the International Atomic Energy Agency is due to travel to Tehran on Wednesday.
Major markets in Asia closed lower Wednesday on rising oil prices. Major European markets also were down in early trading.
Treasury prices were little changed, leaving the yield on the benchmark 10-year note at the 4.92 percent level reached late Tuesday. The dollar was lower against the yen and little changed against the euro.
In economic news, the February trade report is due at 8:30 a.m. ET, with economists surveyed by Briefing.com forecasting the nation's trade gap will be trimmed to $67.5 billion from $68.5 billion in January.
In corporate news, aircraft maker Boeing (Research) announced a deal to sell China 80 single-aisle 737 commercial jets, a sale worth a reported $4.8 billion. It also announced expects to once again sell at least 120 jets to China this year as it did in 2005. Shares of Dow component Boeing were up 0.4 percent in Frankfurt trading early Wednesday.
No. 2 biotech firm Genentech (Research) beat earnings and sales forecasts in its after-hours report Tuesday, but shares slipped 1 percent in after-hours trading on concerns for what some analysts saw as weaker than hoped sales of some of the company's specific cancer drugs.
Automaker DaimlerChrysler Chairman Dieter Zetsche told the company's annual meeting he expects improved profitability in 2006 as well as profit gains in subsequent years. Shares of DaimlerChrysler (Research) still slipped about 1 percent in Frankfurt trading.
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