U.S. stock futures were marginally lower Wednesday, with inflation jitters taking center stage as oil remained near record highs ahead of data on labor costs and energy inventories.

In today’s economic news, U.S. productivity started the year on surprisingly firm footing thanks to a big jump in manufacturing productivity.

Labor costs, meanwhile, grew at their slowest annual pace in four years.

Nonfarm business productivity increased at a 2.2% annualized rate in the first quarter, the U.S. Labour Department said Wednesday. Wall Street economists had expected a 1.7% rise.

A U.S. report on weekly energy inventories data is due out at 10:30 ET. Crude futures early Wednesday rose 12¢ to US$121.96 a barrel in electronic trade. On Tuesday, supply concerns and a weakening dollar spurred oil prices to an intraday record US$122.73 a barrel.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US99.59¢, off 0.12 cent after rising 1.04¢ on Tuesday,

In M&A news, Clearwire and Sprint Nextel announced plans to merge and a conglomerate of industry giants said they are investing US$3.2 billion in a company that will deliver Web access for cellphones and laptops at speeds much faster than what is available today using a technology called WiMax. Sprint, Comcast, Google, Time Warner and Intel all joined forces in the new broadband joint venture.

In earnings news, BCE Inc. reported a drop in first quarter profit, with net earnings applicable to common shares slumping to $258 million, down from $499 million a year earlier, on flat revenue of $4.39 billion.

Enbridge Inc.reported a 10.6% rise in first quarter net income to $253 million as revenue climbed 18% to $3.97 billion.

Entertainment giant Walt Disney reported a 21% rise in fiscal second-quarter profit, helped by the performance of its theme parks and studios.

Insurer Marsh & McLennan said it swung to a first-quarter net loss as it reported earnings before markets opened.

Overseas, in its first day of trade of a holiday-shortened week, Japan’s benchmark Nikkei 225 index rose 0.4% to 14,102.5.

Hong Kong’s Hang Seng index fell 2.5% to 25,610.2. The Shanghai Composite Index fell 4.1% to 3,579.2.

Surging oil prices sent Toronto stocks higher Tuesday even as earnings from the financial sector depressed bank stocks.

The S&P/TSX composite index climbed 139.96 points to 14,414.3.

The junior S&P/TSX Venture Exchange was ahead 5.38 points to 2,499.14.

In New York, the Dow Jones industrial average gained 51.29 points to 13,020.83.

The Nasdaq composite index edged 19.19 points higher to 2,483.31 while the S&P 500 index rose 10.77 points to 1,418.26.