NEW YORK (
) -- Stocks are headed for a weaker open Wednesday before the release of economic data on jobless claims and the U.S. consumer.
Futures for the
Dow Jones Industrial Average
were down 60 points, or 81 below fair value, at 11,387. The Dow has now fallen in four of the past five sessions, losing 5% over that span and is in negative territory for 2011.
Futures for the
were down 6 points, or 9 points below fair value, at 1177. Futures for the
were down 10 points, or 12 points below fair value, at 2205.
Europe's debt crisis remains in focus. Investors are still digesting the implications of credit lines for eurozone countries from the International Monetary Fund, including whether the latest strategy will help alleviate debt burdens of struggling countries effectively.
London's FTSE was losing 0.14% and Germany's DAX was up 0.12%. Manufacturing in China may shrink by the most since March 2009, according to a preliminary purchasing manager's index for November. Overnight, Asian stocks fell following losses in the U.S. Hong Kong's Hang Seng fell 2.1%.
Wednesday's economic calendar is chock full ahead of Thursday's Thanksgiving holiday. At 8:30 a.m. EST, the latest read on weekly jobless claims is expected to edge up to 390,000 from 388,000 in the prior week.
Also out at 8:30 a.m. are the Commerce Department's figures on personal income and spending for October. Economists expect incomes to rise 0.3%, adding to 0.1% in September, and spending to rise 0.3% after a 0.6% gain in the prior month.
At 9:55 a.m., the University of Michigan's final read on consumer sentiment for November is forecast to improve to 64.5 from a previous reading of 64.2. The index came in at 60.9 in October.
A surprise cut in the government's estimate for economic growth in the third quarter pressured stocks on Tuesday. Even with the
still suggesting that monetary easing could be in the books, as well as a help for Europe crisis from the IMF, the Dow was off 0.5% Tuesday.
The January crude oil contract was slipping $1.54 to trade at $96.47 a barrel. Gold for December delivery was down $11 to trade at $1691 an ounce.
The euro was losing 0.84% against the dollar, which compared to a basket of currencies, was up 0.65%. In the bond market, 10-year Treasuries were off 2/32, pushing the yield to 1.929%.
In corporate news,
fell 3% in premarket trading Wednesday even though its third-quarter revenue rose 99% to $75 million, beating estimates for $71 million. For the current quarter ending in January,
forecast an adjusted loss of 2 cents to 4 cents a share on revenue of $80 million to $84 million, compared to expectations for a loss of 2 cents a share on revenue of $82.3 million.
slipped 1%. The drug company will pay $950 million to resolve government allegations in the marketing of its painkiller Vioxx, the Justice Department said. Merck also will plead guilty to a misdemeanor charge.
was up 3.2%. The television recording product maker
and delivered its first increase in total subscriptions in four years.
-- Written by Chao Deng in New York