Stocks on Wall Street Appear Headed for Early Decline

Updated from 6:30 a.m. EST

Premarket futures were hinting at a sour open for Wall Street Thursday, as the automakers continued to search for ways to placate Congress, a slew of big-name companies announced layoffs and European central banks cut interest rates as recession set in abroad.

Futures for the S&P 500 were down 16 points at 852 and were 18 points below fair value. Nasdaq futures were lower by 20 points at 1136 and were 30 points short of fair value.

On Wednesday, stocks fluctuated before ending higher as Ford (F Quote), General Motors (GM Quote) and Chrysler petitioned Congress for a bailout. Investors also processed a series of economic data releases. ...