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 Though Wall Street remains uneasy, most investors still expect the Fed to cut rates at its next meeting on Sept. 18, or even sooner. That gives them some hope that the stock market will recover from its summer volatility, and that right now, it's a good strategy to buy while the buying is cheap.
With little economic data expected Wednesday, investors will likely be focused on the performance of the credit markets and corporate news. One headline the market is anticipating is Altria Group Inc. announcing a spinoff of its cigarette business, Philip Morris International.
In premarket trading, Dow futures expiring in September rose 52, or 0.39 percent, to 13,147, while Standard & Poor's 500 index futures rose 5.20, or 0.36 percent, to 1,443.50. Nasdaq 100 index futures rose 10.25, or 0.28 percent, to 1,945.00.
Bonds were poised to open slightly higher Wednesday, with the yield on the benchmark 10-year Treasury note edging down to 4.51 percent from 4.52 percent late Tuesday. The dollar was mostly lower against other major currencies, while gold prices rose.
Light, sweet crude rose 19 cents to $71.92 a barrel in premarket electronic trading on the New York Mercantile Exchange.
Wall Street's plunge Tuesday triggered selling in Asia. Japan's Nikkei stock average fell 1.69 percent, Hong Kong's key index fell 1.5 percent, and China's Shanghai Composite Index fell 1.64 percent.
European markets, however, were mixed. Britain's FTSE 100 rose 0.23 percent, Germany's DAX index fell 0.19 percent, and France's CAC-40 rose 0.17 percent.
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On the Net:
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
[Associated Press; by Madlen Read]
Copyright 2007 The Associated Press. All rights reserved. This
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