Stocks look to open flat as investors unable to get past record crude futures.
October 6, 2004: 5:40 AM EDT
NEW YORK (CNN/Money) - Record oil prices continue to hang like a cloud over Wall Street, with stocks set to open little changed Wednesday.
Early Wednesday, Nasdaq and S&P futures were in negative territory.
Oil prices continued their record march, with U.S. crude futures reaching a record $51.45 a barrel in electronic trading before easing to $51.42, up 33 cents since Tuesday's settlement. Brent oil futures also set an all-time intraday high at $47.59 before coming back to $47.45, up 32 cents.
Stocks were mixed Tuesday as the high price of oil countered some positive news in the tech sector. The Dow Jones industrial average fell nearly 39 points, while the Nasdaq composite index rose 3 points (see chart for details).
Tuesday night's vice presidential debate is likely to have little impact on the markets. Vice President Richard Cheney and Sen. John Edwards, D-N.C., clashed on foreign and domestic issues, with flash polls mixed about who had the upper hand.
Asian-Pacific stocks ended mostly higher, shrugging off the boost in oil prices; Tokyo's Nikkei index was up 0.9 percent for its fifth straight gain. European markets eased in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Wal-Mart Stores (WMT: Research, Estimates) edged lower. CEO Lee Scott told analysts Tuesday that the No. 1 retailer is attempting to address all its legal issues -- including questions of bias discrimination -- in an effort to improve its image.
Treasury prices fell in early trading, sending the 10-year note yield up to 4.18 percent from 4.17 percent late Tuesday. The dollar advanced against the yen and euro. Gold was higher.
For details of Tuesday's session, click above
In corporate news, Fannie Mae (FNM: Research, Estimates) chairman Franklin Raines testifies before a House subcommittee Wednesday regarding the problems surrounding the government-backed mortgage funder. The company has been peppered with controversy about its accounting practices, and whether they were manipulated to sweeten executives' bonuses.
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