U.S. stock futures indicated a lower open this morning as once again worries about the economy and mortgage crisis became the focus on Wall Street.

Yesterday, U.S. stocks ended lower, with financial and technology stocks leading the decline. The Dow industrials lost 57 points, or 0.43%, the S&P 500 fell 8 points, or 0.59%, and the Nasdaq Composite lost 23 points, or 0.9%.

There are no economic indicators due today, so likely the market will continue to pay close attention to the lingering problems in the credit market and, state of the U.S. economy and how it could impact global economies.

San Francisco Fed President Janet Yellen said Monday that following recent developments, she now expects a bigger slowdown than the Fed had originally forecast in its last policy meeting in October. Boston Fed president Eric Rosengren offered a bleak forecast for the housing sector, saying he was worried foreclosures would worsen.

While a weaker economy usually signals more rate cuts, a positive for stocks, investors will no doubt try to balance declining corporate profits that arises from an economic slowdown with the boost given by a Fed rate cut. Moreover, the riskier stocks become, the more investors will look for safer vehicles. Indeed, yesterday, treasury prices jumped.

Meanwhile, news agencies reported that the the International Food Policy Research Institute said food prices are set to rise around the globe after years of decline, with climate change making it harder for the world's poorest to get adequate food.

Oil prices rose today ahead of OPEC oil ministers meeting later this week. While the Saudi minister has commented in the past Saudi Arabia would not oppose increasing production, Iranian President Mahmoud Ahmadinejad said yesterday he would, as did Libya's oil chief, Shukri Ghanem. Oil rose to near $90 a barrel.

Overseas, Asian markets were mixed and European stocks trading lower.

In corporate news:

Nokia, Corp. (NYSE: NOK) announced its handset sales forecast for 2008, predicting that total sales of cell phones will only rise 10% and that and average selling price of handsets falling next year. NOK shares are down over 3.6% in premarket trading.

Fannie Mae (NYSE: FNM) concerns re-emerged it would be the next major financial firm to report big losses and potentially face as much as $5 billion in writedowns.