Futures Pare Slight Gains After Economic Data

U.S. stock index futures shaved some gains Wednesday following a pair of weaker-than-expected economic reports and amid ongoing concerns about the looming "fiscal cliff."

On the economic front, retail sales dipped 0.3 percent in October, according to the Commerce Department, slightly more than estimates for 0.2 percent based on a Reuters survey.

And producer price index slipped 0.2 percent in October, according to the Labor Department. Analysts surveyed by Reuters expected a gain of 0.2 percent.

The Commerce Department will release September business inventories at 10 am ET. Economists surveyed by Reuters expect a gain of 0.5 percent.

And the Federal Reserve will issue minutes from its two-day Federal Open Market Committee (FOMC) meeting at 2 pm ET.

Among earnings, Abercrombie & Fitch surged after the teen clothing retailer posted a higher quarterly profit, thanks to improved demand in international markets, prompting the company to forecast yearly earnings above expectations.

Staples rallied after the office supply chain reported better-than-expected earnings, although weakness in Europe and Australia hurt overall revenue.

Limited Brands and NetApp are among companies slated to post earnings after the closing bell.

Facebook rose ahead of the social-network giant's lockup expiration that will make about 804 million shares available for trading.

European shares eased as anti-austerity strikes across southern Europe, and a lack of resolution on Greek debt, put the euro zone crisis back in the spotlight.

Factory output in Europe fell by the most in nearly four years in September, but that news was tempered by some bright spots in corporate earnings.

Also on the economic front, weekly mortgage applications rebounded last week, rebounding after Hurricane Sandy depressed applications on the East Coast, according to the Mortgage Bankers Association.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

On Tap This Week:

WEDNESDAY: Business inventories, FOMC minutes, 13-F filings, Facebook lockup lifts; Earnings from Limited Brands, NetApp
THURSDAY: CPI, jobless claims, Empire state mfg survey, Philadelphia Fed survey, oil inventories, Fed bank of Chicago annual conf., credit card default rates reported; Earnings from Target, Wal-Mart, Viacom, Gap, Dell
FRIDAY: Treasury international capital, industrial production, e-commerce retail sales; Earnings from Foot Locker, JM Smucker, Ann

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