NEW YORK (
) -- Stock futures were pointing to a weaker open Wednesday, the morning after the
Dow Jones Industrial Average
saw its lowest close in more than a month, as investors digested signs of global economic weakness.
Futures for the
Dow Jones Industrial Average
were down by 17 points, or 26 points below fair value, at 12,310. Futures for the
were lower by 3 points, or 4 points below fair value, at 1311, and
futures were off by 3 points, or 3 points below fair value.
Stocks finished mildly lower on Tuesday, extending the previous session's losses, as concerns about the debt crisis in Europe persisted.
Economic data from the Japanese government showed that exports dropped 12.5% in April, after the March 11 earthquake and tsunami.
Bank of America Merrill Lynch said Japan's economy would be hampered by parts and power shortages for two more quarters.
Japan's Nikkei declined 0.6% while Hong Kong's Hang Seng inched 0.07% higher.
European markets continued to feel the pressure of fears that the debt crisis would spread to stronger economies. The FTSE in London was shedding 0.07%, and the DAX in Frankfurt was down by 0.1%.
The Department of Commerce said durable goods orders slipped 3.6% in April, compared with growth of 4.4% in March. The April reading was considerably weaker than the decline of 2% that economists had forecast. Excluding transportation, orders dropped 1.5%, surprising the market, which had been anticipating an uptick of 0.6%. In March, orders excluding transportation gained 2.5%.
American International Group
were slipping 2.7% to $28.64 ahead of Wednesday's opening bell after the insurance company and the U.S. Treasury priced an offering of 300 million of its common shares at $29 each, generating $8.7 billion in proceeds.
were losing 3% to $13.30 in early trading after the
chip capital equipment maker issued a disappointing outlook for the July quarter, guiding for a sequential decline of 3% to 10% in net sales.
reported a 6% increase in third-quarter earnings and said sales rose 16% to $20.19 billion. The stock was down 2.5% at $79.33.
saw its stock gain 2.5% to $20.78 during premarket trading after the
homebuilder narrowed its loss in the second-quarter loss to 12 cents a share.
The Federal Housing Finance Agency will release its housing price index for March at 10 a.m. In February, the index slipped by 1.6%.
At 10:30 a.m., the Energy Information Administration will issue its weekly read on crude oil inventories. Analysts are anticipating a decrease of 1.6 million barrels in the week ended May 20, according to a Platts survey.
Late Tuesday, the American Petroleum Institute reported a decline of 860,000 barrels to crude supplies last week.
The July crude oil contract was shedding 60 cents to trade at $98.99 a barrel. Gold for June delivery was gaining $3.20 at $1,526.50 an ounce.
The benchmark 10-year Treasury fell 2/32, lifting the yield to 3.123%. The dollar strengthened against a basket of currencies, with the dollar index up by 0.1%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.