Stocks looked set for a lower open Wednesday as crude prices shot to a
new record above $130 a barrel. Crude futures kept climbing Wednesday,
with the front-month contract touching a new trading record above $130
a barrel in electronic trading. The government is due to report its
weekly inventory report at 14:30GMT. The rise in crude prices could
push oil stocks higher.
In corporate news, General Motors
reached an agreement with workers at its Kansas City, Kan., assembly
plant Tuesday that could help it end a string of labor problems.
Tech giant Hewlett-Packard reported
higher profits late Tuesday, but shares fell in after-hours trading as
investors remained nervous over how the company will integrate newly
acquired Electronic Data Systems.
Media conglomerate Time Warner,
parent of CNNMoney.com, detailed plans of the spinoff of its cable arm.
Time Warner will receive a hefty $9.25 billion dividend as part of the
separation of Time Warner Cable.