Stock index futures were lower Wednesday, indicating a pullback following the biggest gains for stocks since Jan. 4.
Stocks faced a variety of pressure this morning, not least among them a wobbly start to earnings season.
In after-the-bell earnings Tuesday, Dow component IBMbeat estimates and upped its guidance, but top-line revenue was weak and the stock dropped 1.8 percent in premarket trading.
Bank of America led a parade of banks to report, disappointing investors with a loss of $5.2 billion equating to 60 cents a share, worse than the expectation of 52 cents per share. BofA shares gave up 2.3 percent premarket.
On the positive side, Wells Fargo shares rose 2.4 percent premarket after the company posted an unexpected profit of 8 cents a share, despite having to repay $25 billion in government bailout money.
Morgan Stanley shares gained 1.7 percent while Bank of New York Mellon rose 4.3 percent and US Bancorp was up 1.6 percent as investors digested positive earnings news from those institutions.
Also on tap are Hudson City Bancorp, Marshall & Ilsley, M&T Bank, and State Street. Notable after-the-bell earnings reports this afternoon include eBay, Logitech, Starbucks, Sallie Mae, Seagate Technology, and Xilinx.