U.S. stock futures indicate investors remain wary of a top in the market amid slumping oil prices and upbeat economic figures that aren't as upbeat as investors would like.
The Dow Jones Industrial Average was 0.07% lower, the S&P 500 0.07% and the Nasdaq 0.11% at 9:50 p.m. EDT.
All three markets closed lower Tuesday after figures showed personal income rose 0.2% in June, not as much as economists had expected, and personal spending rose 0.4%, which was more than forecast. However, investors fear the growth is peaking and consumers may soon become more stingy and tighten purse strings.
They're also trying to out-guess labor statistics that will be released Friday after strong figures last month.
The economic fretting pushed the Dow down 0.49%, the S&P 0.64% and Nasdaq 0.9% Tuesday.
Asia took its cue from the U.S. and opened strongly lower Wednesday as investors in Japan wait for the government there to begin implementing a fresh $132 billion stimulus package, the government's 24th attempt in 25 years to get the economy back in the passing lane.
Japan's Nikkei was off 0.9%, South Korea's Kospi 0.99% and the Hang Seng in Hong Kong, which was closed Monday because of tropical storm Nida, 1.57% at 10:10 p.m. EDT.
The pain began in Europe earlier in the day as bank stocks there continued to be punished by investors irked at troubles unveiled by the latest round of stress tests. Germany's Dax closed 1.8% lower while London's FTSE lost 0.73%. In Paris, the CAC closed 1.84% lower.
Oil is weighing heavily on investors' minds and energy stocks. Industry standard Brent crude slipped during U.S. trading but recovered as Asia woke up, gaining 0.62% to $42.06 for a barrel delivered in October while U.S. crude from West Texas gained 0.76% to $39.81 for delivery next month. Both prices were current at 10:04 p.m.
The pound has recovered from lows last month below $1.30 but was still off 0.13% at 10:14 p.m. EDT at $1.3331 while the Yen pared 0.3457% to .99 cents.
Shares in online craft market Etsy(ETSY) - Get Report gained 4.96% to $13.34 in extended trading Tuesday. The New York company's second-quarter revenue of $85.35 million was well above the $80.6 million expected by analysts as well as the $61.37 million it brought in a year earlier. Still, it lost more than observers had hoped with a second quarter deficit of 6 cents a share. Wall Street wanted a 1 cent a share loss.
On the losing side, super-computer maker Cray (CRAY) - Get Report saw its stock dive 20.46% in extended trading to $24.88 after smoke damage at one of its plants led it to cut its third-quarter sales outlook. The Seattle-based company now sees $80 million in the period, below analyst expectations of $134 million. The smoke came from malfunctioning gear at its Chippewa, Wis. plant and damaged five completed computers there.