Updated from 6:03 a.m. EDT

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Here are five things you must know for Wednesday, March 22:

1. -- U.S. stock futures were pointing to further declines for Wall Street on Wednesday and European and Asian stocks slid as the global "Trump rally" stalled amid increasing concerns that the U.S. president and his Republican colleagues can deliver on their ambitious fiscal stimulus and tax reform plans.

Patience with the slow progress of Trump's financial reforms wore thin on Tuesday, sending stocks spiraling to their worst losses of the year. 

The S&P 500 declined 1.24%, the Dow Jones Industrial Average fell 1.14% and the Nasdaq slid 1.83%. The S&P 500 hadn't declined by 1% in 109 sessions. The financial sector was one of the worst performers on Tuesday.

"There's a degree of uncertainty over the extent and magnitude and timing of any regulatory reform that the Trump administration plans to put forward -- so far they've just punted," Cathy Seifert, director of financial institution research at CFRA Research, told TheStreet. "If [health care reform] is an indication of how regulatory reform is going to go, we've got a lot of headaches ahead of us."

Trump attended a closed-door meeting on Tuesday to pressure House Republicans to vote for his Obamacare repeal and replace bill. Some GOP members have voiced concerns over the bill. The House is scheduled to vote Thursday on the Republican-backed American Health Care Act, but it's not clear if the House or the Senate will approve the bill. 

The economic calendar in the U.S. on Wednesday includes the FHFA House Price Index for January at 9 a.m. EDT, Existing Home Sales for February at 10 a.m., and Crude Oil Inventories for the week ended March 17, at 10:30 a.m.

2. -- Nike (NKE) - Get Report reported a mixed fiscal third quarter leaving Wall Street unimpressed as earnings easily topped analysts' forecasts but revenue came in just shy of estimates.

 The sneaker and athletic apparel giant earned 68 cents a share in the quarter, ahead of estimates of 53 cents, while revenue gained 5% to $8.4 billion, below expectations of $8.47 billion.

The stock was trading down  4% in premarket trading on Wednesday.

Nike said gross margins in the quarter declined 140 basis points to 44.5% due to higher product costs, unfavorable changes in foreign exchange rates and the impact of higher off-price sales.

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3. --  Akzo Nobel (AKZOY) shares fell sharply Wednesday after the Dutch paints and chemicals company rejected a second takeover approach from PPG Industries (PPG) - Get Report  that valued the group at $24.1 billion.

Akzo Nobel said the second bid of €88.72 a share consists of €56.22 in cash and 0.331 a PPG share and was put to the company on Monday. The second bid values Akzo Nobel at €22.38 billion ($24.1 billion) but does not "reflect the current and future value of Akzo Nobel," the company said, and also "neglects to address the significant uncertainties and risks for shareholders and other stakeholders."

Akzo Nobel also said the revised offer fails to reflect the value-creating opportunities of the new strategic plan focus for both its specialty chemicals and its paints and coatings businesses.

The stock was down 2.7% in European trading.

4. -- Retailer Sears  (SHLD) , battling years of plunging sales, profit and cash flow, voiced concern about its ability to continue as a going concern in its annual report filed Tuesday evening.

"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28.

Shares of Sears, the operator of Sears and Kmart stores, were teetering near an all-time low of $5.50 earlier this year, only recently coming back to life because of fourth quarter than wasn't as bad as Wall Street had feared.

The stock fell 5.5% in premarket trading on Wednesday to $8.60.

In February, Fitch Ratings projected that the retailer would burn through another $1.8 billion in cash this year.

Unless Sears raises $2 billion this year, there is a strong likelihood it will be forced to file for bankruptcy protection. Fitch said in February that the restructuring risk for Sears remains "high" over the next two years. Sears is also in the process of closing 150 under-performing Sears and Kmart stores.

5. -- FedEx (FDX) - Get Report  said revenue in its fiscal third quarter rose 18% but margins declined as fuel costs rose and the shipping giant invested more in e-commerce initiatives.

Fedex earned $2.35 a share on an adjusted basis in the quarter, below analysts' estimates of $2.63.

The stock rose more than 2% in after-hours trading on Tuesday

Earnings are expected Wednesday from Five Below (FIVE) - Get Report and PVH (PVH) - Get Report .