As is almost the case ahead of some key data announcement, investors tend to be looking for direction. Indeed, stock futures were mildly lower early Wednesday morning as the Street awaits CPI reading on inflation. Also in focus this morning is housing after a reading on foreclosures surged.

Already on Tuesday investors seemed nervous as U.S. stocks finished mixed on Tuesday. Retail sales, Wal-Mart results, Hewlett Packard's acquisition of EDS and Federal Reserve Chairman Ben Bernanke's speech on the markets affected stocks with the Dow ending 44 points, or 0.34% lower, the S&P 500 nearly flat as it was down half a point, or 0.04%, and the Nasdaq Composite ending 6 points, or 0.27%, higher.

This morning, stocks will likely get a clearer direction after April's Consumer Price Index report due out at 8:30 a.m. EDT. Economists, according to Briefing.com expect CPI to rise 0.3% in April, while core CPI, which excludes the volatile food and energy prices, is estimated to be up 0.2% in April. Investors want the report to allow the Fed to keep interest rates as they are so as to bolster the dollar, and hence commodities, somewhat.

Speaking of the dollar and commodities, though, oil keeps trading on its own set of "rules," it seems. Overnight, oil set yet another record, shrugging off gains in the dollar. The record, near $127 a barrel, was due to concerns that Iran may cut production. Oil has retreated since as the reports may have been overblown. This morning, at 10:30 a.m. EDT the weekly release of U.S. fuel inventories is due. Meanwhile, congress voted Tuesday to challenge President Bush to temporarily halt the daily shipment of thousands of barrels of oil into the government's emergency reserve.

As for housing, homes facing foreclosure increased in April by 65% year-over-year, and were up 4% since March.
Nevada, Arizona, California and Florida were among the hardest hit states.

In major corporate news, CNBC reported late Tuesday the activist investor Carl Icahn, with its current 3.6% stake in Yahoo!, is considering a proxy fight for control of the board at Yahoo (NASDAQ: YHOO) following its rejection of the takeover bid by Microsoft (NASDAQ: MSFT). Shares of Yahoo jumped in afternoon trading Tuesday, but have somewhat leveled off.

Clear Channel Communications (NYSE: CCU) has settled a legal dispute with the lenders funding its private equity buyout, in essence agreeing to a lower buyout offer, and clearing the way for company to finally seal the deal nearly two years after it was first announced.

Sony Corp. (NYSE: SNE), which had a loss last year, reported a $277 million profit for the January-March quarter on Wednesday.