Good morning. Continuing the trend this week, investors are sorting through a number of headlines and not many of them are positive.

This morning's disappointing results and forward outlook by Fedex (FDX) is the top story as the market tries to get an idea about how the economy will fare in the second half of the year. In addition, financials remain in focus following a dividend cut at Fifth Third Bancorp (FITB), a 57% drop in earnings at Morgan Stanley (MS), and negative comments by John Paulson.

Premarket gainers: PNRA, YRCW, VPRT, CPSL, BEXP, SMTS, LINE, BEZ, PFE, CTIC, RAME, CPSL, TASR, AMTD, ETFC, WSCI, NGAS, SNP, AEZ, PANC, CSIQ, GOLD, ONNN, ESLR, NOEC, & JRCC.

Premarket losers: MF, FITB, HBAN, ABK, KMX, LNN, ALGN, CLC, SOL, FDX, GFI, MEOH, NOVL, UAUA, ALGN, TBSI, SNDK, ATVI, ESLT, DRYS, MRVL, SOLF, SEED, & YHOO.

Oil is trading higher ahead of the governments weekly energy report at 10:30AM. As you know, oil prices have remained pretty firm ahead of that report although many still expect and are hoping for a near term price decline. The report from FedEx this morning provides a good reminder why.

Wednesday's during options expiration week are typically the best in terms of performance, but premarket futures are suggesting a weak open. In recent days, premarket futures haven't been very reliable to the direction of the day, so much like last week I'd look for the market to provide a better tell after the reaction to the energy data this morning. Have a wonderful Wednesday!