Futures Tumble Amid Ongoing EU Concerns
Stock index futures pointed to a weaker open for Wall Street Wednesday, tracking losses in European Stocks, amid worries that Spanish banks will be forced to raise a further 35 billion euros ($45 billion) to cover losses on their property assets.
Fears that Greece could be pushed out of the euro zone further dented investors’ confidence. Radical leftist Alexis Tsipras meets the leaders of Greece’s mainstream parties on Wednesday to try and form a coalition.
Back in the United States, Cisco Systems and News Corp report after the closing bell, while Macy’searnings are due before the open on Wednesday.
Earlier, Toyota reported a surge in fourth-quarter profits and forecast a big recovery in annual earnings after a year of disruptive natural disasters.
Disney reported stronger revenue and forecast-beating profit in the second quarter after the closing bell on Tuesday boosted by cable channels and theme parks.
GlaxoSmithKline is another stock to watch. The company is taking its unsolicited $2.6 billion offer for Human Genome Sciences directly to shareholders.
Yahoo board member Patti Hart who led the search for a new CEO whose falsifications on his resume weren't caught by the board will resign, according to reports.
The Mortgage Bankers Association releases weekly mortgage applications at 7 a.m New York time. March wholesale inventories are due at 10, and crude inventories are out at 10.30 a.m.