Before the bell: Futures mixed -- much the same as yesterday

As if a repeat of yesterday, oil prices continued to be at record high while the dollar hit another record low vis-a-vis the euro. With no major economic data or news today, U.S. stocks will likely continue yesterday's trend and start mixed, looking for direction and continuing to wait for the Fed decision next week. Barring any surprising news, trading throughout the day will also likely continue much the same way as yesterday. Major corporate news is mixed as McDonald's increased cash dividend while Alcatel-Lucent warned.
[Update 9:05: After jobless claims came in better than expected, bulls started generating momentum helped by a GM upgrade that sent GM stock up 4.7% in premarket trading and as Target considering asset sales that sent its share up 2.4%. Futures are now pointing to a higher open. More corporate news to watch this morning here: Before the bell: AAPL, GM, TGT, MRK ... ]

Yesterday, with crude hitting $80 a barrel for the first time, U.S. stocks finished mixed. The Dow industrials and the Nasdaq fell 16and 5 points respectively, while the S&P 500 ended nearly flat.

Today, oil prices retreated somewhat after settling at $79.91 Wednesday and hitting $80.18 a barrel throughout the day. So far in electronic trading today, sweet crude for October delivery lost 13 cents to $79.78. While oil may not be directly counted in core inflation indicators, the Federal Reserve may weigh its trickle effect into other prices. The Fed has always maintained that inflation is its main concern, but has been under pressure the change its hawkish monetary stance and lower rates.

For the second day now, the dollar fell to an all-time low against the euro. Traders may be moving funds to other denominations in anticipation of a rate cut. The dollar was higher against the yen.

Not much economic data is to be released today except for weekly jobless claims at 8:30 a.m. EDT. This, however may be of interest following last week's August employment report.

Overseas, Asian stocks ended mixed with Hong Kong Hang Seng hitting another record high. European stocks dropped as oil hit $80 a barrel and Alcatel-Lucent warned.

Corporate news:

It seems a good thing Alcatel-Lucent (NYSE: ALU) had had a revers stock split, this way it had more room to drop and drop it did today in Europe. Alcatel-Lucent warned. Again. For the third time this year, the company has slashed its forecast for full-year revenue growth. ALU shares are down over 11% in premarket trading.

The mortgage industry continues to be in trouble with what seems daily announcements of job cuts from different lenders. After First Horizon National (NYSE: FHN) announced cuts yesterday, Washington Mutual (NYSE: WM) followed suit today.

McDonald's (NYSE: MCD) announced late yesterday it has raised its annual dividend by 50% to $1.50 as part of a plan to return up to $17 billion to shareholders through 2009. MCD shares gained 2% in after-hours trading.