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U.S. stock futures are trading mixed this morning, pointing toward a somewhat positive open, despite weakness on the Nasdaq due to poorly received earnings from Hewlett-Packard (HPQ). The leading PC and computer peripherals manufacturer reported a 13% plunge in first-quarter earnings after the close last night. Other companies in focus this morning include Whole Foods market (WFMI), which is 16% higher ahead of the open following solid quarterly results, and Sprint Nextel (S), which gained about 3% in pre-market activity due to a narrowed quarterly loss. Wall Street's mood could shift dramatically, however, as key economic data, including the January producer price index (PPI), are slated for release later this morning.

Checking in on currencies and commodities, the U.S. Dollar Index is taking a breather following a strong rally earlier this week. At last check, the index was off 0.92% at 87.19 in pre-market activity. Gold futures, meanwhile, have gained a mere $2.40 an ounce to trade at $980.60 in London, with traders closely watching the equity markets for signs of strength. Finally, crude oil futures are on the mend, with the March contract up 3.32% at $35.77 per barrel in electronic trading.

After the close last night, Hewlett-Packard (HPQ: sentiment, chart, options) reported a fiscal first-quarter profit of $1.9 billion, or 75 cents per share, compared with a profit of $2.1 billion, or 80 cents per share, last year. Revenue rose 1% to $28.8 billion from $28.5 billion. Excluding 1-time items, HPQ earned 93 cents per share. Analysts were looking for earnings of 93 cents per share on $31.9 billion in sales. For its second quarter, the company expects earnings of 70 cents to 72 cents per share, or an adjusted 84 cents to 86 cents per share. Sales should fall 2% to 3% from a year earlier, which would equal $27.5 billion to $27.7 billion. The figures were well below the current consensus estimate for 89 cents per share on $30.95 billion in sales.

Whole Foods Market (WFMI: sentiment, chart, options) reported that net income fell 17% from the year-earlier quarter due to slowing store traffic and legal costs. Whole Foods posted a first-quarter profit of $32.3 million, or 20 cents per share, down from $39.1 million, or 28 cents per share, last year. However, earnings topped analyst expectations for 19 cents per share. Sales were flat at $2.5 billion. Comparable-store sales fell 4% compared with a 9% gain last year.

Finally, Sprint Nextel (S: sentiment, chart, options) said it lost $1.62 billion, or 57 cents per share, narrowing its loss from the same quarter last year of $29.31 billion, or $10.31 per share. Revenue for the quarter was $8.43 billion, compared to $9.85 billion. Analysts had expected sales of $8.55 billion. "In tough economic times, we're generating substantial cash and reducing costs to ensure we remain financially sound. We already have the cash on hand to be able to meet our debt service requirements at least through the end of 2010," said Dan Hesse, Sprint Nextel chief executive.

Earnings Preview

Today, Apache (APA), CVS Caremark (CVS), Newmont Mining (NEM), and Crocs (CROX) are slated to step into the earnings confessional. Keep your browser at SchaeffersResearch.com throughout the day for more.

Economic Calendar

On the economic front, the Street must digest the January producer price index (PPI), the core PPI, January's leading economic indicators, the February Philadelphia Fed's manufacturing index, and the weekly reports on U.S. petroleum supplies and jobless claims. We round out the week on Friday with the consumer price index (CPI) and the core CPI.

Market Statistics

Equity option activity on the CBOE saw 1,251,244 call contracts traded on Wednesday, compared to 1,098,962 put contracts. The resultant single-session put/call ratio slipped to 0.88, while the 21-day moving average held at 0.75.

**The volume data shown above is from the Nasdaq and NYSE exchanges only. It does not include regional volume activity, which means that other daily volume quotes you see may be higher.**

Wall Street struggled to find direction Thursday morning as mixed reports from the economy and the corporate sector had the market wobbling.

With the holiday week fast-approaching, volumes were light and investors appeared to shy away from aggressive moves in the equity markets, but there was plenty of action in commodities, currencies and government debt.

The Labor Department kicked off the day, reporting that initial jobless claims inched down to 554,000 last week, from 575,000 the week before. Meanwhile, continuing claims edged back below 4.4 million. The decline was positive news, but the hits keep coming; health insurance outfit Aetna (nyse: AET - news - people ) said it will cut its workforce by 1,000 jobs. (See "December 2008 Layoffs.")

A closely-watched reading on manufacturing activity was not as bad as feared; the Philadelphia Fed index came in at negative 32.9 for December. The figure indicates regional activity in the sector slowed less than expected, following a negative 39.3 reading in November.

Major indexes were little changed by midday, as the Dow was down 10 points, or 0.1%, to 8,814; the S&P 500 was up 2 points, or 0.3%, to 907; and the Nasdaq gained 3 points, or 0.2%, to 1,582. There was more action in other markets during the seesaw session though.

Traders scoffed at Wednesday's production cut of 2.2 million barrels of oil a day by the Organization of Petroleum Exporting Countries, sending crude down $1.98, to $38.08 a barrel. United States Oil Fund (nyse: USO - news - people ), an exchange-traded vehicle that seeks to mirror the movement of crude and other products, lost $1.64, or 4.7%, to $33.17. (See "Russia Dashes OPEC's Hopes.")

Treasury yields and the dollar continued to soften, after the Federal Reserve slashed its benchmark fed funds rate effectively to zero on Tuesday. The 10-year note's yield was down to 2.10%, from 2.20% Wednesday. The iShares Lehman 10-20 Year Treasury Bond Fund (nyse: TLH - news - people ), which tracks longer maturities, was up $1.92, or 1.6%, to $123.80. The euro sustained recent strength early, trading over $1.44 Thursday morning, but shed its gain and fell back to $1.429 by midday. (See "Helicopter Ben Goes ZIRP!")

Asian stocks were mixed Friday, as rate cuts in Europe counterbalanced the negative lead of a fall on Wall Street.

A drop in oil prices to a nearly four-year low helped shares of energy-intensive companies.

In Japan, the Nikkei 225 average was up 0.5% at 7,960.13 points in midafternoon trade. Tech companies were mostly higher, with Sony (nyse: SNE - news - people ) gaining 1.1% to 1,743 yen ($18.88) and Toshiba (other-otc: TOSBF.PK - news - people ) climbing 0.7% to 301 yen ($3.26).

The automakers traded in a narrow range, with Honda Motor (nyse: HMC - news - people ) dropping 1.3% to 1,664 yen ($18.02) after it announced that it was pulling out of Formula One auto racing due to the weakening business environment. Honda said the move would save it at least 10 billion yen ($108 million) a year.

Banking stocks were soft after Goldman Sachs cut its price targets for the sector. Mitsubishi UFJ Financial Group (nyse: MTU - news - people ) fell 5.2% to 536 yen ($5.81) and Mizuho Financial Group (nyse: MFG - news - people ) dropped 6.5% to 211,300 yen ($2,290).

In Hong Kong, the Hang Seng index rose 1.9% to 13,771.05 on optimism over government stimulus measures and falling energy prices. U.S. light sweet crude was trading at $44.03 on the Nymex in Asian trading hours, after closing in New York at $43.67, the lowest settlement price since January 2005.

Insurers rose smartly on expectations that they will benefit from a new policy encouraging them to invest in infrastructure. Ping An Insurance jumped 8.4% and China Life rose 4.4%.