Before the bell: Futures mixed as Lear files for bankruptcy

Posted Jul 7th 2009 7:45AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil, Recession

U.S. stock futures edged higher Tuesday morning as investors await the start of the second quarter earnings season to be unofficially kicked off Wednesday. Also tomorrow, the G8 summit begins in Italy. Meanwhile, a debate regarding a second stimulus package continues just as autoparts supplier Lear filed for Chapter 11 bankruptcy protection.

While futures are higher now [7:30 a.m.], they have been trading in a tight range, indicating stocks will start more flat than with a strong conviction upward. The general view and feel in the market now is that stocks could decline in near future. Update 8:30 am: Futures are mixed.

Overseas, Asian stocks finished with losses as investor optimism about a global recovery waned. Japan's Nikkei index posted its fifth straight retreat. European stock markets, however, rose modestly Tuesday ahead of this week's meeting of the Group of Eight leaders in Italy.

Oil prices fell below $64 a barrel Tuesday, extending a 13 percent drop over the last week. Adding to investors concerns about the global recovery, the Commodity Futures Trading Commission is readying rules aimed at limiting speculation.

No major economic indicators are due out this morning.

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