U.S. stock futures edged higher Wednesday morning following Tuesday's general declines as economic indicators at home and around the world disappointed.
This morning, though, financials were back in the spot light with Bank of America (NYSE: BAC) raising $13.5 billion through a stock offering to help it meet the government's capital requirements following the recent stress testing. Treasury Secretary Timothy Geithner is also set to testify today.
Meanwhile, there is news the Obama administration may create a regulatory commission to protect consumers of financial products such as credit cards and mortgages, as they try to crack down on abuses.
Other than some some corporate results, investors also considered six-month high for oil prices as it they hovered above $60 a barrel Wednesday ahead of weekly U.S. inventory data to be released at 10:30 AM, which should give more clues as to oil demand.
On the economic front, the volume of mortgage applications filed last week rose a seasonally adjusted 2.3% compared with the week before, according to the Mortgage Bankers Association. Also, there is a President's Economic Recovery Board meeting where Geithner is to speak at 9:30 AM. Finally, FOMC Minutes will be released at 2:00 PM.
Overseas, Asian markets were mixed with Japan's Nikkei 225 stock average edging up, but Hong Kong's Hang Seng ending down. European stock markets saw earlier gains fade Wednesday as futures indicated a flat opening on Wall Street.
Before the bell: Futures sharply lower on Dubai's debt problems
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
