Futures Mixed, but Growth Fears Weigh; Alcoa Slips
U.S stock index futures struggled for direction Wednesday amid ongoing worries over the euro zone and jitters about sluggish global growth.
European shares were loweras worries about the region’s debt crisis undermined investor sentiment.
The IMF said that inaction in the euro zone exposed the region to “capital flight, breakup fears and economic decline.” It also said European banks could shed $2.8 trillion in assetsover the next two years to reduce their risk exposure.
Dow component Alcoa posted earnings and revenue that beat expectations, but shares slipped after the aluminum producer's CEO said he sees a slight slowdown in demand growth due to weakening in China and Europe.
Yum Brands soared after the parent company of Pizza Hut and KFC edged past expectations and raised its full-year earnings growth forecast. Rival McDonald's also edged higher.
Costco gained after the warehouse retailer topped earnings and revenue expectationsand announced same-store sales rose by 5 percent from a year earlier.
FedEx advanced after the package-delivery company said it plans to sharply reduce costs at its underperforming express air freight and services divisions. Last month, the company lowered its 2013 profit forecast citing a weaker economy.
True Religion surged after the jeans maker said it has formed a special committee of its board of directors to explore and evaluate potential strategic alternatives including a possible sale.
Weekly mortgage applications fell last weekas demand for refinancing slightly but purchase applications rose to their highest levels since June, according to the Mortgage Bankers Association.
Other economic data expected Wednesday include wholesale inventories for August at 10 am ET and the Federal Reserve's Beige Book of economic conditions at 2 pm ET.
The Treasury is scheduled to auction $21 billion in 10-year notes with the results available shortly after 1pm ET.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
WEDNESDAY: Wholesale inventories, 10-yr note auction, Beige Book, Treasury budget, Wal-Mart investors mtg
THURSDAY: International trade, jobless claims, import/export prices, oil inventories, 30-yr bond auction
FRIDAY: PPI, consumer sentiment, GM resumes Volt production; Earnings from JPMorgan, Wells Fargo
More From CNBC.com: