Stocks are set to open lower following a round of mostly uninspiring corporate news. Forty-five minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might lose another 20 points at the open.

The week is off to a rough start. The Dow Jones Industrial Average has suffered a two-day 295 point decline and there isn’t much good news to change the bearish underlying tone Wednesday morning.

The transportation average is expected to open lower after FedEx(FDX) reported a 64 cent per share fourth quarter profit, which beat Street estimates by 13 cents, but revenues fell well short of expectations. FedEx also delivered a disappointing first quarter earnings outlook, saying it expects profits of 30 to 45 cents per share, which is well below Street estimates of 68 cents.

Etrade is also lower after announcing plans to raise $400 million in stock. Star Scientific (STSI) shares plunged in after hours trading yesterday on news it lost a patent dispute with RJ Reynold’s (RAI).

Meanwhile, Citi (C) and BofA (BAC) are lower in pre-market action. Trading in the bank names is cautious as the White House prepares to unveil its financial regulation plan, which is expected to include the Federal Reserve as supervisor of large banks.

The economic calendar holds only one stat Wednesday. The Consumer Price Index [CPI], released one hour before the bell, showed a .1 percent increase in May, which was below economist estimates of .3 percent.

Bonds are holding gains on the CPI data and ongoing weakness in equities. The benchmark ten-year Treasury was recently up 5/32nd and yields 3.64 percent.

The dollar fell .16 to 96 against the yen. The euro is little changed at 1.3853 on the buck.

Crude oil is off 63 cents to $69.84 ahead of weekly inventory data due out at 10:30 a.m. eastern time. Gold edged up $1.50 to $933.70 an ounce.