Stock Futures Point to Weaker Start

LONDON – U.S. stock market futures pointed to weaker start on Wednesday, with energy inventory data and Yahoo Inc.’s management shake-up set to be market themes.

Dow Jones futures were recently down 4 points, S&P 500 futures slipped 0.9 of a point and Nasdaq futures eased off 3 points.

On Tuesday, the Dow industrials advanced 47 points, the Nasdaq Composite rose nearly 4 points and the S&P 500 ended 5.6 points higher. Data showed services sector growth and weaker-than-expected inflation.

With the key nonfarm payrolls report out on Friday, investors may take a look at ADP’s own forecast for employment growth, though that hasn’t always served as an accurate indicator of the U.S. government’s numbers.

The U.S. dollar rose against the euro and the pound, though it was steady against the yen.

Also on tap will be weekly energy supplies data. Crude futures were up 3 cents at $62.46 a barrel in electronic trading ahead of those figures, due out around 10:30 a.m. EST.

Yahoo Inc. will be in the limelight after it said it’s reorganizing in a move that will see the departure of Chief Operating Officer Dan Rosensweig and Lloyd Braun, who heads the media group. Terry Semel, Yahoo’s chairman and chief executive, said in a statement that three operating groups will emerge from the reorganization, with the chief of each reporting directly to him.

Novell may see some pressure after the networking software firm late Tuesday produced a 2007 revenue forecast below market expectations.

Privately held Skywire Software agreed to buy Docucorp International for $127 million, or $10 a share in cash.

Merrill Lynch downgraded railroad operators Burlington Northern Santa Fe and Canadian National to neutral from buy, saying that both companies are now closer to the broker’s price targets. The broker also told clients it’s adjusting its outlook for weaker volumes in the fourth quarter and slower economic growth into 2007.

Overseas, European stock markets were little moved, with the German DAX 30 rising 0.1 percent.

More gains were seen out of Asia, with the Japanese Nikkei 225 up 0.7 percent and the Hang Seng in Hong Kong up 0.4 percent.