Stock futures point to quiet Wall Street opening

The stock market headed toward a modestly higher start Wednesday as investors wait for aluminum maker Alcoa Inc. to give some guidance about the economy.

U.S. stock futures rose slightly while markets around the world were little changed. The falling price of oil, which stock investors are interpreting as a sign of economic weakness, has contributed to selling on world exchanges over the past week.

The uptick in futures means Wall Street might rebound from Tuesday’s sharp drop, but there’s likely to be little conviction in the buying. Investors want to see what Alcoa has to say about the economy in its earnings report, which comes out after the market’s close.

Wall Street analysts expect Alcoa to post a second-quarter loss of 38 cents per share. In the same period a year earlier, Alcoa earned 66 cents per share on revenue of $7.6 billion.

Dow Jones industrial average futures are up 6, or 0.1 percent, at 8,137, while the broader Standard & Poor’s 500 index futures are up 1, or 0.1 percent, at 880.30. Nasdaq 100 index futures are up 2.50, or 0.2 percent, at 1,410.50.

Investor confidence has waned after poor U.S. and European jobs data and plunging commodities prices.

Oil prices have declined to near $62 a barrel from $73 last week as investors believed that demand for energy would fall because of the weak economy. A barrel of crude traded at $62.49, down 44 cents, in pre-opening trading on the New York Mercantile Exchange.

Overseas Wednesday, Japan’s Nikkei stock average fell 2.4 percent. In afternoon trading, Britain’s FTSE 100 and Germany’s DAX index were flat, and France’s CAC-40 was down 0.5 percent.

World leaders including President Barack Obama will be discussing the global economy as they start a three-day meeting in Italy.

Investors will also be looking to glean what they can from a key report on May consumer credit data, due out at 3 p.m. EDT.

The Federal Reserve report is expected to show that consumer credit fell $9.5 billion from April, according to Wall Street economists surveyed by Thomson Reuters. If they are right, it would mark the latest move by consumers to curb their borrowing, pay down debt and get their household budgets in better shape. That is a concern for investors because it means consumers aren’t spending at the levels needed for an economic recovery.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.45 percent from 3.46 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.17 percent late Tuesday.

The dollar mostly rose against other major currencies, while gold prices fell.