Investing.com - U.S. stock futures pointed to a lower open on Wednesday, as the previous day's upbeat U.S. data added to speculation the Federal Reserve could soon scale back its stimulus program.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.51% drop, S&P 500 futures signaled a 0.58% decline, while the Nasdaq 100 futures indicated a 0.46% slump.
Data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.
The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.
A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.
The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.
Financial stocks were expected to be active, amid reports Morgan Stanley is trying to raise USD1 billion to USD3 billion for a new global real estate fund. Shares in the U.S. lender dropped 0.89% in pre-market trade.
Pharmaceutical companies were also likely to be in focus, after AstraZeneca agreed on Tuesday to buy Omthera Pharmaceuticals for USD443 million.
In the tech sector, Apple shares were down 0.26% in early trading, even as the company's Chief Executive Officer Tim Cook said he expected the iPhone maker to release "several more game changers", hinting that wearable computers could be among them.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 declined 0.88%, France’s CAC 40 tumbled 1.01%, Germany's DAX plummeted 1.04%, while Britain's FTSE 100 plunged 2.16%.
During the Asian trading session, Hong Kong's Hang Seng Index dove 1.61%, while Japan’s Nikkei 225 Index retreated 0.86%.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.51% drop, S&P 500 futures signaled a 0.58% decline, while the Nasdaq 100 futures indicated a 0.46% slump.
Data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.
The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.
A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.
The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.
Financial stocks were expected to be active, amid reports Morgan Stanley is trying to raise USD1 billion to USD3 billion for a new global real estate fund. Shares in the U.S. lender dropped 0.89% in pre-market trade.
Pharmaceutical companies were also likely to be in focus, after AstraZeneca agreed on Tuesday to buy Omthera Pharmaceuticals for USD443 million.
In the tech sector, Apple shares were down 0.26% in early trading, even as the company's Chief Executive Officer Tim Cook said he expected the iPhone maker to release "several more game changers", hinting that wearable computers could be among them.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 declined 0.88%, France’s CAC 40 tumbled 1.01%, Germany's DAX plummeted 1.04%, while Britain's FTSE 100 plunged 2.16%.
During the Asian trading session, Hong Kong's Hang Seng Index dove 1.61%, while Japan’s Nikkei 225 Index retreated 0.86%.