It seems that yesterday's rally in stocks was short lived as this morning stock futures were significantly lower, indicating a similar start on Wall Street as oil pushes toward the $100-a-barrel mark, GM announced a huge $39 billion charge and the dollar's continued decline. Earnings will also be in focus today as many big caps are due to report.

Yesterday, U.S. stocks had a good day despite starting the day on a down note as oil prices surged. Bargain hunters moved in and together with oil stocks pushed the Dow industrials up 117 points, or 0.87%, the Nasdaq Composite added 30 points, or 1.07%, and the S&P 500 rose 18 points, or 1.2%.

The oil rally continued today as oil prices jumped above $98 a barrel, a new record. This is ahead of today's weekly U.S. supplies report, which are expected to show declines. In addition, the falling dollar and OPEC's apparent reluctance to pump more crude into the market also boosted prices. Adding tot the supply concern came is a storm at the North Sea where a number of oil platforms were evacuated, and BP PLC saying it expects to shut production Thursday from its Valhall oil and gas field.

Meqanwhile, the dollar fell the most since September against the currencies of its six biggest trading partners after Chinese officials signaled plans to diversify the nation's $1.43 trillion of foreign exchange reserves. The dollar is seeing its weakest point versus the Canadian dollar since the end of a fixed exchange rate in 1950, a 26-year low against the pound and a 23-year low versus the Australian dollar.

Two economic data points are to be released today: Preliminary productivity level for the third quarter and Septmeber wholesale inventories.

On the corporate front, several companies are scheduled to report earnings today, including General Motors (NYSE: GM), AIG (NYSE: AIG) and Cisco Systems (NASDAQ: CSCO).

Ahead of its earnings announcement today, GM said yesterday it is taking a big hit on the bottom line of its third-quarter earnings report -- a $39 billion noncash charge because of negative changes in its cumulative loss over the last three years. GM shares are trading down over 8% in premarket action (7:00 a.m.).

[Update: General Motors posted a $39 billion net loss in the third quarter, ending its string of three profitable quarters. The whopping loss was attributed to the charge. The net loss amounted to $68.85 per share (!), compared with a net loss of $147 million, or 26 cents per share, in the third quarter of last year. Without special items, the company reported a $1.6 billion loss, or $2.80 per share. Still, the company reported record third-quarter automotive revenue of $43.1 billion and record global sales for the quarter of 2.39 million cars and trucks. GM shares are now down 7.16% (7:20 a.m.)]

Time Warner (NYSE: TWX) reported third quarter earnings this morning, posting a 53% decline in net income versus the same period a year ago, when results were boosted by tax and investment gains. Excluding one-time items and discontinued operations in both periods, the company earned 24 cents per share in the last quarter, in line with estimates, versus 19 cents per share a year ago. Revenues rose 9% to $11.68 billion from $10.75 billion. Time Warner is reporting earnings after on Monday it announced the appointment of Jeff Bewkes, currently the chief operating officer, as CEO effective Jan. 1, succeeding Dick Parsons, who is staying on as chairman.