A lackluster start to the trading day is expected (S&P futures -5.9, Nasdaq futures -3.5). Asset management firm Blackstone reported second quarter earnings of $0.15 per share, which is $0.07 better than Wall Street's forecast.
Crude oil is trading up 0.2% to $119.37 per barrel ahead of the government's weekly energy inventory report at 10:35 ET.
Cisco is 4.2% higher in premarket trading after
topping expectations in its latest quarter. The company issued revenue
guidance for the next two quarters that was slightly below consensus,
but reiterated its long-term growth guidance of 12% to 17%. Freddie Mac
is down roughly 10% in premarket trading. The company reported a second
quarter loss of $1.63 per share and cut its quarterly dividend to $0.05
or less from $0.25. In other earnings news, Sprint Nextel, Time Warner, Dean Foods, Devon Energy all topped expectations. Bond insurer Ambac and Whole Foods missed estimates.