Yahoo will also be among closely-watched stocks after the search-engine firm gave revenue guidance for the current quarter that was short of forecasts. Analysts appeared to be mixed on the stock: Citigroup raised its target price to $19 from $18 while Goldman Sachs cut their target price to $18 from $19.
Sara Lee shares slipped in pre-market trading after the food manufacturer rejected a buyout offer from a group of private equity firms, saying it was too low, the New York Post reported, citing sources.
Toyota shares slipped in pre-market trading after the Japanese automaker said it would recall about 1.2 million unitsof the Noah minivan and other models in Japan as well as about 140,000 Avensis models overseas to fix faulty fuel pipes and high-pressure fuel pumps.
Wells Fargo upgraded the railroad sector to "overweight" from "market weight," and lifted CSX to "outperform" from "market perform."
Nielsen priced its initial public offering late Tuesday at $23 a share, and the stock will begin trading Wednesday. The TV ratings and consumer research company is seen raising at least $2.2 billion in capital from the IPO. (More on IPO Surge: 18 Companies Will Price in Next Two Weeks)
On the economic front, mortgage applications slumped 12.9 percent last weekas bankers recorded the slowest refinancing activity in more than a year, according to the Mortgage Bankers Association.
New home sales for December are due at 10 a.m. and are expected to have risen to 300,000, according to Briefing.com.
Federal Reserve officials will continue their two-day meeting on Wednesday. In a statement due at 2.15 p.m. they are expected to say they will press on with their program to buy $600 billion in Treasury securities.
The Treasury is scheduled to auction $35 billion in 5-year notes. Oil inventories are due at 10.30 a.m. ET.
On the Calendar This Week:
WEDNESDAY: New home sales, oil inventories, five-year Treasury note auction, FOMC announcement; Earnings after-the-bell from Qualcomm, Netflix and Starbucks.
THURSDAY: Durable goods, jobless claims, pending home sales, natural gas inventories, seven-year Treasury note auction, money supply; before-the-bell earnings from AT&T, Caterpillar, and Colgate-Palmolive; after-the-bell earnings from Microsoft.
FRIDAY: GDP (first reading), consumer sentiment; NBCU/Comcast deal closes; before-the-bell earnings from Chevron and Honeywell.
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