) -- 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

S&P 500

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%.

Shares of

American International Group

(AIG) - Get American International Group, Inc. Report

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.

TheStreet Recommends

Shares of

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

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.

Warehouse retailer


(COST) - Get Costco Wholesale Corporation Report

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.

Toll Brothers

(TOL) - Get Toll Brothers, Inc. Report

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.