By CNBC.com and Reuter
US stock index futures pointed to a modestly higher open for Wall Street Wednesday with oil prices set to dictate stock movements once again as OPEC said it saw no reason to hold an emergency meeting to discuss raising output.
The Organization of the Petroleum Exporting Countries has been talking about whether the group needed to meet due to rising prices and the loss of Libyan supplies, but a delegate said the organization believes that supply is adequate. Oil prices rose following the report.
With little economic data out Wednesday, markets are even more likely to take their cue from the price of oil.
The Mortgage Bankers Association’s mortgage index, due at 7 am and wholesale trade for January at 10 am, are the only macroeconomic numbers set for release.
Wholesale inventories are seen increasing 1 percent in January, according to a Briefing.com poll.
The Treasury auctions $21 billion in reopened 10 year notes at 1 pm.
Weekly Crude inventories are out at 10:30 am and will be watched closely by investors as worries about global oil supply persist.
A jury of New Yorkers will hear U.S. prosecutors outlining how they believe Sri Lankan-born Rajaratnam broke the law by designing a complex web of stock tippers who helped him reap $45 million in illicit profit between 2003 and March 2009. If convicted he could face up to 20 years in prison. He denies any wrongdoing.
In stocks news, tech shares could weigh on Wednesday's market after fiber optic component maker Finisar tumbled more than 30 percent in after-hours trading Tuesday following a disappointing forecast.
That news hit other companies in the sector, including JDS Uniphase, which lost 13 percent after the bell.
Texas Instruments also lost ground in late trading after it narrowed its guidance and said that demand for chips for televisions remains weak.
HCA plans to go public Wednesday, with analysts expecting strong demand. The IPO could raise up to $3.7 billion.
Days after Moody’s cut its rating on Greek sovereign debt by three notches, Moritz Kraemer, head of sovereign credit ratings for Europe at Standard & Poor’s told Reuters the agency could also cut its rating on Greece and Portugal.
“We have Greece on a credit watch negative and …we will be watching what will come out of the European Council meeting this month,“ he said.