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Stock Futures Fall Amid Bank Results, Dimmer World Bank Outlook

NEW YORK ( TheStreet) -- Stock futures were pointing to a mostly lower open on Wall Street Wednesday after JPMorgan Chase (JPM) posted quarterly profit that topped estimates and the World Bank cut its 2013 global growth outlook.

Goldman Sachs (GS) beat fourth-quarter estimates.

The World Bank predicted that worldwide gross domestic product will rise 2.4% from 2.3% last year, down from its prior prediction of 3% growth for 2013, citing downside risks including the stalling of progress made on resolving the eurozone crisis, the ongoing battles over the U.S. budget, the possibility of a sharp slowing of investment in China, and a disruption in global oil supplies.

Futures for the Dow Jones Industrial Average were falling 50 points, or 55.89 points below fair value, at 13,413. Futures for the S&P 500 were down 2.50 points, or 4.19 points below fair value, at 1462. Futures for the Nasdaq were up 1.25 points, or 1.08 points below fair value, at 2715.

Apple (AAPL) shares gained more than 1% in premarket trading. The stock tumbled sharply during Tuesday's regular session.

JPMorgan posted fourth-quarter earnings of $1.39 a share, beating the average analyst estimate of $1.16 a share, on in-line net revenue of $24.4 billion. CEO Jamie Dimon said he's been seeing an ongoing improvement in credit quality. Shares were falling 1% in premarket trading.

Goldman Sachs reported better-than-expected earnings of $2.89 billion on revenue of $9.24 billion, beating adjusted estimates of $1.78 billion and $7.83 billion respectively. Per-share profit was $5.60 a share. Shares were popping 2.5%.

Bank of New York Mellon (BK) posted in-line fourth-quarter earnings of 53 cents a share on revenue of $3.6 billion as investment management fees rose 16% year-over-year to $801 million. Shares were sliding 2.5%.

Major U.S. stock averages closed mixed Tuesday as investors braced for bank earnings and processed a slew of economic reports.

The Bureau of Labor Statistics reported Wednesday an as-expected flat read for the consumer price index for December, after a 0.3% decline the prior month. The core CPI, which excludes food and energy components, rose 0.1% after ticking up 0.1% the prior month. Economists predicted the core print would tick up 0.2%.

At 9:15 a.m., the Federal Reserve is predicted to say that industrial production rose 0.3% in December after increasing 1.1% in November. Capacity utilization is expected to have increased to 78.5 from 78.4.

The National Association of Home Builders at 10 a.m. is expected to say that its housing market index rose to a level of 48 in January from 47.

The Fed's January Beige Book commentary on economic conditions by all its districts will be released at 2 p.m.

The FTSE 100 in London was off 0.35%, while the DAX in Germany was down 0.12%. Hong Kong's Hang Seng finished down 0.10% and the Nikkei in Japan slumped by 2.56%.

Gold for February delivery was declining $9 to $1,674.90 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil futures were up 4 cents at $93.32 a barrel.

The benchmark 10-year Treasury was up 7/32, diluting the yield to 1.815%. The dollar was up 0.05%, according to the U.S. dollar index .

Japan's two biggest airlines grounded all their Boeing (BA) 787 aircraft for safety checks Wednesday after one was forced to make an emergency landing in the latest blow for the new jet. Boeing shares were tumbling 3.7%.

Facebook (FB) hosted its big press event on Tuesday and unveiled what it calls Graph Search.

CEO Mark Zuckerberg said Graph Search is a new way to search the billion people and more than 240 billion photos on Facebook, as well as the social network's more than a trillion connections.

Shares were up 0.43%.

General Motors (GM) said Tuesday it expects only a modest increase in pretax profit this year as it rolls out multiple new cars and trucks worldwide. Shares were slipping more than 1.5%.

EBay (EBAY), the online auctioneer, is expected by analysts to report fourth-quarter earnings of 69 cents a share.

EBay reports after Wednesday's closing bell.

Shares were edging higher.

Chipotle Mexican Grill (CMG) said Tuesday it expects fourth-quarter net income of $1.92 to $1.97 a share. The restaurant company forecast revenue would rise to almost $700 million, up 17% from a year earlier. Shares were down more than 7.5%.

Analysts are expecting quarterly profit of $2.09 a share on revenue of $690.7 million.

Wendy's (WEN) shares were tacking on more than 5% after the quick-service hamburger company easily beat fourth-quarter expectations.

Dell (DELL) was a big loser in premarket trading Wednesday, tumbling 2.89% as buyout rumors continue to swirl around the Texan tech giant.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.

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