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U.S. futures lower on Fed jitters; Dow Jones down 0.34%

Published 08/07/2013, 06:49 AM
Updated 08/07/2013, 06:49 AM

Investing.com - U.S. stock futures pointed to a lower open on Wednesday, as growing expectations for a near-term end to the Federal Reserve's stimulus program weighed.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.34% decline, S&P 500 futures signaled a 0.33% drop, while the Nasdaq 100 futures indicated a 0.24% fall.

Investors remained cautious after Chicago Fed President Charles Evans said late Tuesday that he would not rule out a decision to begin to reduce bond purchases as soon as September.

The comments came after Dallas Fed President Richard Fisher on Monday said that policy makers were "closer to execution mode" in considering the right time to begin reducing purchases.

Auto stocks were expected to be in focus, as Toyota was preparing to go before a jury for the first time in a lawsuit over a claim that unexpected acceleration of one of its cars caused a death.

The news sent the company's shares down 0.85% in after-hour trade.

In the media sector, Bloomberg reported that regulators in Washington probably won't heed Time Warner Cable's call for help in a dispute that has blocked CBS television shows from more than 3 million subscribers in cities such as New York and Los Angeles.

Elsewhere, a regulator threw out a complaint filed by Airbus branding as misleading a Boeing advertising campaign, saying the targeted audience was sophisticated enough to make a nuanced judgment.

Airbus challenged a Boeing ad promoting the 747-8 jumbo's cost advantage over Airbus's A380, which ran in trade publications including Flight International.

Following the decision, Boeing shares were still down 0.27% in extended trading.

Other stocks likely to be in focus included Time Warner, Ralph Lauren, AOL, Holly Frontier, Wendy's, Devon Energy, Marsh and McClennan, Duke Energy and Carlyle Group, all scheduled to post results later in the day.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.19%, France’s CAC 40 shed 0.35%, Germany's DAX retreated 0.64%, while Britain's FTSE 100 tumbled 1%.

During the Asian trading session, Hong Kong's Hang Seng Index plummeted 1.53%, while Japan’s Nikkei 225 Index dove 4%.


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