Futures point to lower open; oil weighs amid growing concerns over Trump’s economic plans

U.S. stock index futures pointed to a lower open Wednesday amid doubts U.S. President Donald Trump may not be able to deliver campaign pledges to lower taxes and boost investment.

A more than 1 percent decline in oil prices also weighed. The Energy Select Sector SPDR (XLE) traded 0.4 percent lower.

Brent crude traded at around $50.25 a barrel on Wednesday, down 1.39 percent, while U.S. crude was around $47.59 a barrel, down 1.35 percent.

The major U.S. stock indexes suffered their worst day of the year on Tuesday as bank stocks dropped more than 4 percent in the previous session.

Banks were pushed lower by falling yields. On Wednesday, the benchmark 10-year note yield held around 2.4 percent.

On the data front, the Federal Housing Finance Agency will release January's home prices at 9 a.m. ET and later at 10 a.m. there will be existing home sales numbers.

In Europe, the pan-European Stoxx-600 index was around 0.72 percent lower on Wednesday. In Asia, the Shanghai Composite in China closed 0.5 percent lower, while the Nikkei in Japan closed 2.13 percent lower.