Before the bell 4-11-07: Stock futures steady ahead of Fed minutes

Stock future are slightly higher this morning, indicating a similar start for stocks a day after Alcoa earnings and ahead of some economic data released today.

The Dow rose yesterday, making it the eighth consecutive session gain, the longest streak since 2003. The good results reported by Alcoa Inc. (NYSE: AA) yesterday after the close may not be enough to give blue chips the lift for a ninth straight session gain.

Oil prices edged higher ahead of the weekly U.S. inventory report due at 10:30 a.m.. The report is expected to show a decline in gasoline stocks and an increase in crude oil supplies. The constant worry in the background with Iran give oil prices a relatively high floor for now.

At 2 p.m., the Federal Reserve will release the minutes of its most recent meeting. Last month the minutes showed small changes in the language that indicated a possible coming change in the Fed's policy. Fed chairman Bernanke is also scheduled to speak at New York University on global economic policy.

Overnight, Asian stocks closed mostly higher with Japan's Nikkei gaining 0.03% after falling 0.45% the day before.
European stocks are rising for a sixth day. Higher oil prices and takeover speculation lifted consumer-related shares. Specifically Marks & Spencer Group Plc advanced on speculation it may be attractive to private equity firms.

Investors awaited Citigroup Inc.'s (NYSE: C) restructuring announcement today. The originally expected 15,000 jobs, was yesterday reported to have increased to 26,000. Well, the Citi released its plan and it contains 17,000 job cuts, or 5% of its workforce as the company seeks to lower annual expenses by $4.6 billion in the next three years. However, the 26,000 jobs reported yesterday said "fired or reassigned," and indeed Citi announced that "more than 9,500 jobs will be moved to lower-cost locations."

Reporting today:
Bed Bath & Beyond Inc. (NASDAQ: BBBY) -- 78 cent EPS expected, Genentech Inc. (NASDAQ: DNA) -- 67 cent EPS expected and BlackBerry maker Research In Motion Ltd. (NASDAQ: RIMM) -- 99 cent EPS expected.