The S&P futures are down 1.10 points, the Dow futures are lower by 8 points and the Nasdaq futures are down 2 points.

Oil prices were higher in early trading Wednesday, ahead of the weekly report on U.S. fuel inventories. On Tuesday crude prices slid below the $50 a barrel level.

The June light crude contract advanced 24 cents to $49.74 a barrel in electronic trading Wednesday, while the June contract for Brent crude jumped 14 cents to $50.60. The U.S. Energy Information Administration will release its weekly report on Wednesday at 14:30 GMT.

Most Asian markets finished higher Wednesday, bolstered by the modest gains on Wall Street and retreating global oil prices. Japanese financial markets were closed for People's Holiday, a national holiday. Trading will resume on Friday after the annual 'golden week' holidays.

Major European markets were mostly lower, although France's CAC was slightly higher in early trading. In London, the FTSE 100 index was recently down 0.15% to 4,854, as oil stocks were lower with June-dated crude oil futures holding below $50 a barrel.

In currency dealings, the greenback lost ground against other major currencies in European trading Wednesday. The U.S. dollar bought 104.62 Japanese yen, down 0.52 yen from late Tuesday in London. The euro was trading at US$1.2946, up from US$1.2886 late Tuesday.

Companies slated to report Wednesday include Prudential Financial, Symantec Corp. and Whole Foods Market, Duke Energy, THQ Inc., Devon Energy, Sempra Energy, Dominion Resources, PG&E Corp., InterActiveCorp., Public Service Enterprise, RealNetworks.

Stocks in Focus:

Electronic Arts (ERTS: chart) shares tumbled late Tuesday on disappointing video-game sales and new investments for next-generation consoles that hit the profits down 91%.

American Tower (AMT: chart) said Wednesday it agreed to buy SpectraSite in a deal valuing SpectraSite's stock at $3.1 billion, or $61.53 a share. The transaction is seen closing in the second half of 2005.

Fresenius Medical Care AG (FMC: chart) on Wednesday announced it has an agreement to buy Renal Care Group (RCI: chart) in an all-cash deal of $4 billion. Terms set $48 a share in cash for each share in Renal Care, a 22% premium to the close on Tuesday.

InterActiveCorp (IACI: chart) reported 1Q earnings of $68.9 million, or 9 cents a share, up versus $38.3 million, or 5 cents a share in the same period a year earlier. Revenue climbed 14% to $1.65 billion from last year's $1.44 billion, slightly up vs. analyst forecasts of $1.63 billion due to a 14% increase in travel and 7% growth in electronic retailing.

Fresenius Medical Care, the world's largest dialysis-services provider, agreed to buy Renal Care Group in a deal valued at $4 billion. Fresenius will pay $3.5 billion, or $48 a share, in cash for Renal Care.