Stock Futures Slip as Traders Look to Take Profits

Premarket futures were predicting a lower open for stocks in the U.S. Wednesday, as traders looked to take profits after a three-day rally in the blue-chip indices and geared up for a day chock full of economic-data releases.

Futures for the S&P 500 were down 11 points at 843 and were 14 short of fair value. Nasdaq futures were lower by 8.3 at 1127 and were 16 below fair value.

On Tuesday, stocks fluctuated following the Federal Reserve's announcement of an $800 billion program to bolster mortgage- and consumer-lending markets. The blue-chip indices finished with gains, while the Nasdaq ended lower.

The schedule Wednesday is heavily loaded with economic reports. The Census Bureau's durable-goods orders for October are due for release, as are the Department of Labor's weekly initial claims for the week ended Nov. 22.

The Commerce Department also is slated to roll out its personal income and spending figures for October. Also on the docket is a November manufacturing index reading from the Chicago Purchasing Managers Association, a consumer-sentiment survey from the University of Michigan and the Commerce Department's new-home sales data.

Outside of domestic indicators, China's central bank announced it cut its benchmark interest rate by 1.08%, a move that reflects increasing concern that one of the world's fastest-growing economies has slowed considerably.

As for the day's corporate earnings, industrial firm Deere (DE Quote) is expected to report earnings before the market opens.

In other company news, Fitch Ratings cut its debt rating on Toyota (TM Quote), putting a negative outlook on the company. Both domestic and foreign automakers have had a rough go of it thanks to flagging demand.