Wall Street set for a lower open on Intel; ahead of data

U.S. stock futures were mixed Wednesday morning, a day after Intel (INTC) gave a cautious outlook as it kicked off tech sector earnings and as UBS (UBS) said it expects a massive loss and announced layoffs. In addition, much economic data is on tap this morning, including inflation data.

[Update 8:45: Futures turned lower, indicating another lower open for U.S. markets.]

On the other hand, a Bloomberg survey showed confidence in the global economy rose to an 11-month high as officials stepped up efforts to thaw credit markets, stocks rallied and some banks returned to profit. Meanwhile, a key Chinese economic data -- GDP -- due out this week may show the Chinese economy is bottoming, indicating a recovery will follow, economists say.

Overseas, world stock markets were mostly lower Wednesday following Intel's results and its reluctance to provide an earnings forecast and after UBS CEO said markets remain "extremely unstable."

Meanwhile, oil prices rose above $50 a barrel Wednesday, ahead of the weekly crude inventories numbers later today and despite expectation crude demand could remain weak amid a severe recession. The U.S. dollar gained a little ground versus major rivals Wednesday.

Economic data today includes:

  • March CPI at 8:30 AM
  • April Empire State Manufacturing at 8:30 AM
  • March Industrial Production at 9:15 AM
  • Weekly Crude Inventories at 10:30 AM
  • Fed's Beige Book at 2:00 PM
Also of note, today is thefiling deadline for personal income taxes.
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