Before the bell: Stock futures rise as markets ready to recover

After a sharp decline yesterday, U.S. stock futures are indicating a higher start this morning as the market is looking to recover. Little economic data is due today so the focus will no doubt turn to Altria as it meets to decide the fate of its international arm, and is expected to announce its spinoff.

Yesterday, U.S. equity markets dropped sharply, giving back most of the previous week's gains. The Dow industrials dropped 280 points, or 2.1% and the S&P 500 and the Nasdaq fell over 2.3%. Data indicated lower consumer confidence and housing prices while the Fed minutes didn't indicate a possible rate cut (while this wasn't surprising as more has happened since the last Fed meeting, the market still reacted). Credit concerns continued as Merrill Lynch downgraded three financial companies.

Today, with the lack of economic reports stocks may be ready to stage a small comeback barring any surprises. Investors will watch crude inventories report due at 10:30 a.m. EDT. Crude oil futures fell in Asia but recovered later ahead of the report.

Overseas, Asian stocks fell sharply early overnight following Wall Street's sell-off. European shares are mixed at the moment after weakening in early trading today.

In corporate news:

Altria (NYSE: MO) is up 0.91% in premarket trading (7:13 a.m.) as it meets today to decide the fate of its Philip Morris International division. Many expect it to announce the spinoff of this division.

Google Inc.'s (NASDAQ: GOOG) CFO, George Reyes, plans to retire by the end of the year according to the company, ending "one wacky ride." Google didn't name a replacement and the stock isn't moving much in premarket action.

Companies reporting warnings today include Big Lots (NYSE: BIG) -- up 2.6% in premarket trading after posting better-than-expected results -- and Williams-Sonoma (NYSE: WMS).

Finally, Wendy's International (NYSE: WEN) agreed to give Arby's owner and major shareholder, Nelson Peltz, access to proprietary information as he considers his investment and bid for Wendy's.