Pre-Market

Gapping Up: IBN, SAPE, BECN, DECK, SNY, FSYS; Select airlines on lower oil UAUA, CAL, AMR;

Gapping Down: BP, ABB, NOK, PRX, SAP, KNOT, FNM, CCOI, HANS, NCTY; Select gold stocks HMY, GOLD, GFI, KGC, AUY, AU, ABX;

Econ. Data - Wholesale inventories at 10:00; Q2 Productivity came in at a lower than expected 2.2% vs. 2.5%, but unit labor costs came in slightly lower than expected (1.3% vs. 1.4%).

Futures indicate a slightly lower open. This morning we have lower oil and a strong dollar vs. euro and pound. FNM earnings disappoint.