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Futures pointed to a flat open for Wall Street as the market caught its breath from a robust two-day rally.
Wall Street momentum has clearly shifted back in the direction of the bulls. After falling for seven of eight sessions, the Dow on Tuesday chalked up its biggest one-day advance since Aug. 21.
This comes as earnings season officially kicks off Wednesday afternoon with the release of quarterly numbers from Dow component Alcoa, [AA
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] with the pace of earnings reports accelerating rapidly over the next two weeks.
In corporate news, Avis Budget Group [CAR
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] warned that a recent warrant transaction against the car rental company could impact earnings. Avis on Tuesday offered $250 million in notes along with a warrant transaction. Shares fell 8.8 percent in premarket trading.
In economic news, mortgage applications rose to their highest level since mid-May as interest rates continued to drop.
Among other numbers of note today: The Energy Department is out with the weekly oil inventories data at 10:30 am. Consumer Credit figures for August will be issued by the government at 3 pm.
Following better-than-average demand for 3-year notes in an auction yesterday, the Treasury is back at it again today with a sale of $20 billion in 10-year notes. As usual, the results will be available shortly after 1 pm.
At 10 am, General Motors [GM
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] chief executive Fritz Henderson will be presenting a business update for the automaker, highlighting the progress it's made since its emergence from bankruptcy.
Among stocks to watch this morning: warehouse retailer Costco, [COST
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] which reported lower but better-than-anticipated profit for its latest quarter. Amazon.com [AMZN
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] lowered the price of its Kindle e-reader, while expanding its marketing overseas.
The Washington Post is reporting a probe of Hospital Corp. of America [HCA
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] for possible securities law violations, while several published reports say Citigroup [C
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] is exploring the sale of its Phibro commodities unit.
And Burger King Holdings [BKC
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] is announcing an extensive revamp of its 12,000 worldwide locations.
Kansas City Federal Reserve President Thomas Hoenig is also in the news, saying late Tuesday that it's too soon to withdraw the Fed's massive support even though the U.S. economy is clearly rebounding.
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Data is a real-time snapshot *Data is delayed at least 15 minutes