Futures extended their losses Wednesday, amid ongoing concerns over high borrowing costs for heavily-indebted euro zone countries.
Data released on Wednesday morning showed that the Spanish economy did not grow in the third quarter, fueling threats of a recession.
The Spanish Treasury will try to raise between 2 and 3 billion euros in government bonds on Thursday, and the latest GDP figures will likely push yields higher. Spain is due to hold general elections this weekend.
Italian Prime Minister designate Mario Monti is due to unveil Italy’s new government later on Wednesday. The government is expected to be made up of technocrats and will have to push through a tough austerity program demanded by EU leaders.
On the economic front, consumer prices fell 0.1 percent in October, the first decline in four months as Americans paid less for new cars and gasoline, although prices outside of food and energy posted a slight increase, according to the Labor Department. Economists had expected the index of total prices would be flat last month, according to a Reuters poll.
Among earnings, Target climbed after the retail giant topped profit estimates.
Meanwhile, Abercrombie & Fitch tumbled after the teen clothes retailer missed earnings estimates by a huge margin.