U.S. stocks were set
to open lower Wednesday and oil prices were down as investors focused on the services sector.
Oil prices rose above $124 a barrel on news of
refinery fire in Kansas.
This is far below the $135 peak in May.
Economy: Economic reports showed first-quarter
productivity rose 2.6% versus the preliminary estimate of 2.5%. After the open,
is the Institute for Supply Management's report on the services sector. The
index is expected to stay unchanged at 52.0 in May.
Corporate news: The J.M. Smucker Company, maker of
jams and peanut butter, agreed to purchase Procter & Gamble's Folgers
coffee business for $2.95 billion.
The homebuilder Hovnanian Enterprises posted
its seventh straight quarterly loss, one that was 10 times greater than the one
posted a year earlier.