Before the bell 05-12-06: AAPL, GOOG, YHOO, EBAY

Updated 9:15 a.m.

So much for the Dow beating its record. A day ago it looked like the Dow could reach an all time high of 11,723. But this morning stock futures are down sharply and yesterday the Dow fell 142 points.

The worries plaguing stocks now seem (at least to me), to be problems that have been around for a while -- the falling dollar, higher oil, higher gold, and the potential for the Fed to keep raising interest rates -- and traders weren't worrying so much about them just days ago 

What seems new -- and potentially dangerous to the U.S. economy -- is growing tension with China over its currency. The Treasury decided yesterday not to label China a "currency manipulator." Seems like a smart move, especially after reading this story in the Wall Street Journal (subscription required): "China Sans Manipulator Tag May Let Yuan Rise."

A rising U.S. trade gap with the rest of the world could heighten political pressures. But the latest trade figures, reported today at 8:30 a.m., provided better-than-expected news. The April trade gap was $62 billion when ecomomists thought it would be $67 billion. Earlier today China reported a trade surplus of $10.5 billion in April.

Also today we'll see a measure of consumer confidence developed by the University of Michigan. It will be closely watched as investors worry about the health of the consumer given higher gas prices.

Here's a look at some key Blogging Stocks this morning:

Apple (AAPL) shares are down 34 cents to $67.81 as of 9:12 a.m.  French legislators are weighing a new law that would  require Apple to open up iTunes to other music players.

Google (GOOG) is down $1.89 to $385.11 as of 9:13 a.m. Shareholders voted yesterday to let Google's founders hold onto the bulk of voting power. Read our live blog of yesterday's meeting.

Yahoo! (YHOO) is down 20 cents to $30.79 as of 9:12 a.m. CEO Semel spoke about pressures to provide information about users to Chinese authorities.

eBay (EBAY) is down 7 cents to $31.95 as of 9:13 a.m.