LONDON (MarketWatch) - U.S. stock futures edged higher on Wednesday amid continued fears about the economy and health of financials and the auto industry.
After early losses, S&P 500 futures rose 6.2 points to 899.20 and Nasdaq 100 futures added 2.75 points to 1,225.70.
Dow industrial futures rose 65 points.
U.S. stocks dropped for a second straight day on Tuesday as outlooks from luxury home builder Toll Brothers Inc. and coffee retailer Starbucks Corp. illustrated softening consumer spending. The Dow industrials fell 176 points, the S&P 500 lost 20 points and the Nasdaq Composite dropped 35 points.
Wednesday's calendar is short on data, though Treasury Secretary Henry Paulson is due to give an update on the financial rescue package at 10:30 a.m. Eastern.
His comments are coming as Democrat leaders say they will push legislation to use the $700 billion bailout fund to rescue automakers General Motors , Ford Motor Co and Chrysler.
GM shares climbed 16% in pre-open trade.
Meanwhile, American Express reportedly wants $3.5 billion from the U.S. government, The Wall Street Journal reported.
Hypo Real Estate reached an agreement to get 50 billion euros from the German government.
More trouble in the financial sphere was seen from Prudential Financial , which cut its dividend by 50%. Another insurer, Swiss Life, cut its earnings forecast and halted its stock buyback program.
Oil futures continued to slide after closing below the $60-a-barrel mark for the first time since March 2007. Oil fell 73 cents to $58.60 a barrel.
The dollar was steady at 97.58 yen.
The earnings docket features Macy's and after the close, Applied Materials and Computer Sciences .
The Nikkei 225 slipped 1.3% in Tokyo. In London, the FTSE 100 veered between gains and losses, up 1.1% in mid-day trade.
