Wall Street Stocks Set for Downside Opening

Premarket futures were suggesting a downside open for stocks in New York Wednesday, as traders eyed the prospect of a bailout for the automakers and prepped for an array of economic reports.

Futures for the S&P 500 were down 13 points at 835 and were 12 short of fair value. Nasdaq futures were lower by 20 and were 16 below fair value.

During Tuesday's trading session, the major averages finished with gains in a rebound from a broad selloff on Monday. Tuesday's gains were bolstered somewhat when General Electric (GE Quote) narrowed its earnings forecast but said it would maintain its dividend. Automakers Ford (F Quote) and General Motors (GM Quote) also presented business plans to Congress in hopes of garnering a federal bailout. ...