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[ericwright]

Before the bell: Stocks could recover after IBM's earnings, ahead of Geithner's confirmation
Posted Jan 21st 2009 7:49AM by Melly Alazraki
Filed under: Before the bell, International markets, Earnings reports, Market matters, International Business Machines (IBM), Economic data, BHP Billiton Ltd ADR (BHP), Oil

U.S. stock market futures were higher Wednesday morning, a day after markets plunged on inauguration day with the banking sector free falling. But International Business Machines (NYSE: IBM) surprised and guided higher, helping to offset the gloom over the financial stocks and announcements of more job cuts from BHP. Also, Treasury Secretary nominee Tim Geithner's confirmation hearing is in focus.

Overseas, world stock markets dropped Wednesday as investors focused on mounting bank losses that will deepen the world economic slump. This overshadowed President Obama's promises of change and hope.

Meanwhile, oil prices hovered below $41 a barrel Wednesday ahead of the weekly crude inventory numbers. No other economic news is on tap for today.