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World markets are back in selloff mode Wednesday, with Shanghai's 5 percent tumble the first indication that Tuesday's rally for world stocks might be a one-off event.
U.S. stock index futures are—not surprisingly—pointing to a lower open, though they were a bit off their worst levels of the morning and far from the selloff in the Chinese market.
As earnings season winds down, the market received a positive surprise from Deere [DE
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], which easily beat Wall Street estimates on quarterly profit of 99 cents per share.
The numbers, though, were like many other companies this quarter with a beat in bottom-line profit but weak top-line revenue numbers. Traders soured on the stock after boosting it earlier, and Deere fell 2.2 percent in premarket activity.
It's a light day for economic numbers, but two weekly reports of interest will be out. The Mortgage Bankers Association's report on mortgage applications is out at 7 am New York time, while the Energy Department is out with the weekly oil inventory numbers at 10:30 am.
Dow component Hewlett-Packard [HPQ
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] is the most prominent stock to watch. The company's profits dropped 19 percent in its latest quarter, although it did make optimistic comments about consumer spending on PCs.
HP's EPS of 91 cents beat analyst estimates, as did its sales of about $27.5 billion. Shares fell 2.4 percent premarket.
Elsewhere in earnings, afternoon reports include JDS Uniphase [JDSU
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] and Limited Brands [LTD
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].
Alcoa [AA
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] has been under pressure this week as aluminum prices have tumbled. The Dow component lost another 3.3 percent in active premarket trading as aluminum prices fell more than 2 percent.
Billionaire investor Warren Buffett says the U.S. economy is "out of the emergency room" and on a slow path to recovery. Buffett makes his comments in an op-ed in Wednesday's New York Times.
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Data is a real-time snapshot *Data is delayed at least 15 minutes