Futures Tumble Amid Ongoing EU Worries

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.

Dell slipped after the multinational IT firm posted revenue that just missed estimates and warned that its full-year revenue could be affectedby an industrywide shortage of hard drives.

Applied Materials , NetApp and Limited Brands are scheduled to report results after-the-bell tonight.

Citigroup is also in focus following a source-based report in the Wall Street Journal that the bank could cut up to 3,000 jobs or 1 percent of its global workforce.

October industrial production and capacity utilization figures are released at 9.15 am ET, and crude inventories are out at 10.30 am ET.

Weekly mortgage applications fell last week, erasing the previous week's gains as demand for refinancing slipped, according to the Mortgage Bankers Association.

—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC

On Tap This Week:

WEDNESDAY: Industrial production, housing market index, oil inventories, Fed's Lacker speaks, Fed's Rosengren speaks, LA auto show; Earnings from Applied Materials, Limited Brands, NetApp
THURSDAY: Housing starts, jobless claims, Philadelphia Fed survey, Fed's Pianalto speaks, Motorola Mobility votes on Google acquisition, GM IPO 1-year anniversary; Earnings from Dollar Tree, GameStop, Ross Stores, Sears, Gap, Marvell Tech
FRIDAY: Leading indicators; Earnings from Heinz

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