Before the Bell

It's always something. Wall Street was still basking in its Fed-induced rally yesterday when Motorola threw a banana peel in the form of a dismal forecast.

Stock futures are pointing flat to lower, with higher oil prices also keeping the market from gaining traction. U.S. crude is up near $61 a barrel on a sharp drop in gasoline supplies.

U.S. Treasuries are down as yesterday's Fed policy statement, which many say paves the way for lower interest rates this year, encouraged investors to venture into riskier markets.

The same thing is happening in forex, where the dollar is up against the yen and the Swiss franc.

Here's food for encouraging thought: Cereal maker General Mills has raised its full-year outlook for the second time in three months, while ConAgra reported higher-than-expected profit.

Wal-Mart has announced bonus plans to reward store employees for longtime tenure and customer service.

The subprime sage drags on. A Senate committee is holding a hearing today, and federal banking regulators and executives at top lending companies are likely to face tough questions.

Lisa Von Ahn - Reuters