Stock futures investors eye earnings

stock-index futures traded near unchanged Wednesday, with investors bracing for consolidation after strong gains by Wall Street in the previous session while keeping an eye on a continued stream of corporate-earnings data. Futures on the Dow Jones Industrial Average DJM2 -0.13% were unchanged at 13,024. S&P 500 Index futures SPM2 -0.17% slipped 0.7 point, or 0.1%, to 1,382.90, while Nasdaq 100 futures NDM2 -0.13% lost 1 point to 2,711.75. “There appears to be more uncertainty heading into this season than we’ve seen recently, but we have seen analyst forecasts revised higher recently,” said Kully Samra, U.K. branch director at Charles Schwab in London, in emailed comments. “This reporting season could provide the next near-term catalyst for the markets as some positive surprises and commentary could provide further fuel, while disappointment could move stocks lower.” Meanwhile, European-debt worries remain a factor, with Spain in the spotlight. “We believe risks are elevated and may not be fully appreciated,” Samra said. Solid demand at Tuesday’s auction of Spanish Treasury bills provided some fuel for a sharp rally by European stocks on Tuesday and was credited with lifting U.S. equities as well. A key test looms, however, as Spain prepares to sell longer-dated debt on Thursday, analysts said. European stocks traded flat to slightly lower, with the Stoxx Europe 600 Index XX:SXXP -0.37% off 0.1% in recent action to 259.11. Europe Markets. Asian equities tracked Tuesday’s Wall Street gains to finish in positive territory. Asia Markets. Yahoo Inc. YHOO +1.52% shares rose 3.4% in preopen activity, according to FactSet Resarch. The company late Tuesday surprised Wall Street with a 28% earnings gain for the first quarter and new Chief Executive Scott Thompson announced plans to close more than 50 properties and focus the Web pioneer on its “core” businesses. Yahoo earnings rise. Cree Inc. CREE +3.17% shares fell in after-hours activity late Tuesday after the LED maker missed Wall Street’s earnings expectations. U.S. stocks surged on Tuesday, with the Dow DJIA +1.50% closing above the 13,000 level for the first time in more than a week. The blue-chip index rose 194.13 points to 13,115.54, which was also its biggest point gain in a month. The S&P 500 SPX +1.55% advanced 21.21 points to 1,390.78. The Nasdaq Composite COMP +1.82% jumped 54.42 points to 3,042.82 after two sessions of losses. No major economic data are set for release Wednesday. U.S. Treasury Secretary Timothy Geithner is scheduled to participate in a discussion on the global economy at an event in Washington at 8:30 a.m. Eastern. Nymex crude-oil futures CLK2 -0.03% fell 6 cents to $104.14 in electronic trade. Gold futures GCM2 -0.24% lost $3.40 to trade at 1,647.70 an ounce. The dollar index DXY +0.30% , which measures the greenback against a basket of major rivals, rose 0.3% to 79.722. The euro EURUSD -0.36% fell 0.3% to $1.3090 versus the dollar. The U.S. unit advanced 0.5% versus the Japanese yen USDJPY +0.77% to ¥81.43.