US stock futures mixed after commodity prices rise
NEW YORK (AP) — Stock futures are trading within a narrow range after three straight trading days of losses.
Overseas markets rose slightly Wednesday after a late-afternoon rally a day earlier helped stocks recover some of their losses as commodities halted their recent slide.
Commodity prices had recovered Tuesday after floods damaged wheat, corn and soybean fields, helping U.S. stocks rally in the late afternoon.
Dell Inc. rose 6 percent in pre-market trading. The computer-maker said after the market closed Tuesday that its quarterly net income nearly tripled after it cut costs and increased profit margins.
Target Corp. reported its first-quarter net income rose 2.7 percent in spite of weak sales because of a strong credit card business, beating Wall Street expectations, but its stock slipped in pre-market trading.
Ahead of the opening bell on Wednesday, Dow Jones industrial average futures rose 8 points, or 0.1 percent, to 12,445. Standard & Poor's 500 index futures rose less than 1 point, to 1,325. Nasdaq 100 futures fell 2 points, or 0.1 percent, to 2,335.
This afternoon, the Federal Reserve will release minutes from its April meeting, giving traders insight into its expectations for inflation. At its previous meeting, the Fed said it would end its Treasury bond-buying program in June as scheduled, and indicated that interest rates would remain low for some time.
Tuesday, the Dow fell as much as much as 170 points before paring back its losses and closing down nearly 70 points. Concerns about the global economy and a lower earnings forecast by Hewlett-Packard spooked markets. The company's stock fell more than 7 percent. Industrial companies like Caterpillar Inc. and Boeing Co. also fell after a surprisingly weak manufacturing report.