Futures continued to decline Wednesday after the previous session's sharp rally as investors remained cautious over the prospects for the U.S. economy and the ongoing euro zone crisis.
On Tuesday, stocks surged to see its biggest one-day gain since May 2010in wild day of trading even after the Federal Reserve's statement promising interest rates would remain at their current low level for the next two yearsdid little to alleviate fears over the economy.
According to a Reuters poll, economists saw odds of around one-in-three that the U.S will slip back into recession, heightening expectations the Fed will launch another round of monetary easing.
Goldman Sachs also reviewed its position on monetary stimulus, saying there is a chance that the Fed will resume quantitative easing later this yer or in early 2012.
Meanwhile, gold prices held steady, hovering near an all-time high around $1,778 an ounce. (Read More: What's the Best Way to Invest in Gold?)
In corporate news, HSBC confirmed it was selling its $30 billion U.S. credit card arm to Capital One Financial for a premium of $2.6 billion, as Europe's top bank streamlines its operations by getting rid of unwanted businesses.
On the earnings front, Macy's gained after the department-store chain reported a higher-than-expected profitand raised its earnings forecast.