Amazon.com reported disappointing earnings after the bell Tuesday but raised its revenue guidance for the second quarter.
Boeing traded flat after beating analyst earnings estimates for its first quarter, but the aircraft maker delivered a disappointing full-year forecast.
Several oil companies are reporting earnings this week. In London, BP reported a fall in first-quarter profit before the European open Wednesday, with the cost of the Gulf of Mexico oil spill still hurting profits.
ConocoPhillips fell despite a rise in quarterly earnings as the oil giant said its oil and gas production was hurt by the conflict in Libya and by the closure of a pipeline.
Oil prices, meanwhile, rose slightly as the dollar continued to weaken against a basket of currencies. London Brent crude rose above $124 a barrel, while U.S. light crude rose above $112.
The government will release oil inventories at 10:30 a.m.
In other company news, said it had struck a deal to buy Swiss medical device maker Synthes for $21.3 billion.
And Merck rose slightly after its board approved $5 billion in stock buybacks.
On the economic front, the Mortgage Bankers Association's index of home loan activityfell 5.6 percent in the week ended April 22. The MBA blamed higher insurance premiums for government-insured loans for hurting demand.
On Tap This Week:
WEDNESDAY: Oil inventories, 5-year Treasury note auction; earnings after-the-bell from eBay, Starbucks, Allstate, Baidu, Citrix, Flowserve, and Norfolk Southern.
THURSDAY: GDP, jobless claims, pending home sales, 7-year Treasury note auction; earning before-the-bell from AstraZeneca, Deutsche Bank, Exxon Mobil, PepsiCo, P&G, Royal Dutch Shell, Sanofi-Aventis, Bristol Myers, Discovery Communications, Dow Chemical, Medco Health, Motorola Solutions, Occidental Petroleum, Pulte Group, Raytheon, Sprint Nextel, Starwood, Thomson Reuters, Time Warner Cable, and Viacom, and after-the-bell from Microsoft, Cliffs Natural Resources, and Motorola Mobility.
FRIDAY: Personal income, personal spending, Chicago PMI, Thomson Reuters/University of Michigan consumer sentiment; earnings before-the-bell from Caterpillar, Chevron, Merck, DR Horton, Pitney Bowes, and Weyerhaeuser.
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