U.S. futures lower on growth concerns; Dow Jones down 0.46%

Investing.com - U.S. stock futures pointed to a lower open on Wednesday, as global growth concerns continued to weigh after the International Monetary Fund cut its growth forecasts, although positive U.S. data lent some support.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.46% loss, S&P 500 futures signaled a 0.56% decline, while the Nasdaq 100 futures indicated a 0.60% drop.

On Tuesday, the IMF cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.

Sentiment remained mildly supported however, after data showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.

Airline companies were likely to be in focus, as the U.S. Federal Aviation Administration on Tuesday examined whether to allow Boeing's 787 Dreamliner to resume long-distance, trans-ocean flights as part of its review of a revamped battery system.

Consumer goods stocks were also expected to be active, amid reports Procter & Gamble plans to increase the time it takes to pay its suppliers by as much as 30 days, which could free up to USD2 billion in cash.

Separately, a jury in Chicago rejected claims on Tuesday that the orthopedics unit of Johnson & Johnson inappropriately marketed an artificial hip recalled by the company in 2010.

In the auto sector, Ford shares edged down 0.08% in pre-market trade, as the company's European car registrations fell 15.9% in March, according to data published by the Association of European Carmakers.

Elsewhere, Tesco, Britain's biggest retailer, said it will exit its loss-making U.S. business, taking a USD1.5 billion write-off that caused its annual profit to fall for the first time in 20 years.

Other stocks in focus included Bank of America and American Express, due to report first-quarter earnings later in the day.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.84%, France’s CAC 40 tumbled 1%, Germany's DAX plummeted 1.27%, while Britain's FTSE 100 declined 0.51%.

During the Asian trading session, Hong Kong's Hang Seng Index slid 0.47%, while Japan’s Nikkei 225 Index jumped 1.22%.