Before the Bell

After holding its own yesterday, Wall Street is standing pat even though it's going to have to examine an economic brown spot this morning.

Stock futures are pointing sideways. Investors are still smiling over news of Blackstone's $4 billion IPO, which broke just before yesterday's market close. And it probably can't hurt that The Wall Street Journal is saying some Citigroup executives are pushing the company to bid for ABN Amro, which is in merger talks with Barclays.

Of course, existing home sales data from the National Association of Realtors shortly afer the opening bell could burst or expand the stock market's fragile confidence. Speaking of housing, mortgage finance company Freddie Mac reported a $480 million quarterly loss.

U.S. Treasuries are up a bit as they retrace losses that stemmed from growing doubts about an imminent cut in interest rates. The dollar is steady against other major currencies.

Oil is down toward $61 a barrel, but those falling gasoline inventories are providing support.

In more M&A, GE says it's offering $1.14 billion for Japanese leasing company Sanyo Electric Credit.

And a Dutch newspaper says retailer Ahold has invited Sysco to bid for its U.S. Foodservice unit.

The auto industry's woes may have left Detroit in shambles, but GM management has reason to be happy. The company is giving stock bonuses to top executives, including CEO Rick Wagoner, for the first time since 2003.

Lisa Von Ahn News Editor