stocks poised for early gains

Bring it on Mr. Ben lol :)


Stocks poised for early gains


Wall Street ready to rebound after taking a beating in previous session; retail sales, Bernanke in focus.


Stocks were set for a slight recovery Thursday, ahead of reports on June retail sales and testimony from Federal Reserve Chairman Ben Bernanke.

At 6:41 a.m. ET, Nasdaq and S&P futures were mixed, with a comparison to fair value suggesting a positive open for Wall Street.

Stocks tanked Wednesday, retreating further into bear territory, amid growing worries about Freddie Mac (FRE, Fortune 500) and Fannie Mae's (FNM, Fortune 500) ability to raise capital.

Chain-store sales Major retail chains are due to report same-store sales, a key gauge of performance in the industry.

Warehouse club operator Costco Wholesale Corp. (COST, Fortune 500) said same-store sales, including gasoline sales, grew 9% in June.

Overall retail sales are expected to rise 2.6% in June, exceeding the 2.4% gain posted a year ago, according to Thomson Reuters. But excluding Wal-Mart (WMT, Fortune 500), sales are expected to come in weaker at 1.4%, versus 2.4% on that basis last year.

Financial markets hearing Investors will be closely watching Bernanke, who is due to testify before a House hearing on restructuring financial markets. Treasury Secretary Hank Paulson also is set to appear.

Energy Oil prices rose slightly as tension in the Middle East flared up again. U.S. crude for August delivery was up 31 cents at $136.36 in electronic trading.

Oil prices ended Wednesday's floor session little changed after the Energy Department said crude stocks had fallen by 5.9 million barrels for the week ended July 4, much more than analysts had expected.

However stockpiles of gasoline rose by 900,000 barrels, almost twice as much as expected. Analysts interpreted the rise in gasoline inventories as a sign that fuel consumption was waning.