NEW YORK (

TheStreet

) -- From the looks of things early Wednesday, it might be a good idea for investors on Wall Street to start Thanksgiving a day early.

Stock futures in the U.S. are tumbling, following global stocks lower, after a survey revealed manufacturing activity in China in November fell, and the U.S. government's estimate of third-quarter economic growth was revised lower.

In China, the manufacturing gauge fell to 48 in November from 51 in October, its sharpest fall since March 2009. A reading below 50 indicates contraction.

Meanwhile, in the U.S. the Bureau of Economic Analysis said its second read on third-quarter gross domestic product growth in the U.S. came in at 2%, down from its prior estimate of 2.5% growth.

Hong Kong's Hang Seng slid 2.1% to 17,864.43 on Wednesday and South Korea's Kospi lost 2.4%. China's Shanghai Composite Index fell 0.7%, its sixth straight session of losses.

European stocks were lower after Germany failed to get sufficient bids at an auction of benchmark 10-year bunds Wednesday to reach its maximum sales target, according to

Bloomberg

, signaling a deepening crisis in the eurozone.

The

Dow Jones Industrial Average

on Tuesday closed down 54 points, or 0.5%, at 11,494. The

Dow

has now fallen in four of the past five sessions, losing 5% over that span and sliding into negative territory for 2011.

Because of the Thanksgiving Day holiday on Thursday -- when U.S. markets will be closed -- investors on Wednesday will get plenty of economic data to digest.

Weekly jobless claims data is scheduled for 8:30 a.m. EST, as is personal income and spending for October. Durable goods orders for October also will be released at 8:30 a.m. The final reading on consumer sentiment for November from the University of Michigan is set for 9:55 a.m.

Ian Shepherdson, chief U.S. economist at High Frequency Economics, said initial claims may bump up to 395,000, higher than a consensus view of 390,000.

The

Federal Reserve

on Tuesday announced plans to subject U.S. banks with total assets of $50 billion or more to stress tests. Thirty-one institutions are involved, including 19 that have previously endured the tests, including

Bank of America

(BAC) - Get Report

and

Citigroup

(C) - Get Report

.

The tests will subject the banks to a scenario similar to what would happen if the U.S. economy "were to experience a deep recession while at the same time economic activity in other major economies were also to contract significantly," the Fed said.

The six largest banks in the U.S. also will be asked to estimate "potential losses stemming from a hypothetical global market shock."

Deere

(DE) - Get Report

, the farming equipment maker, is expected by analysts to post fiscal fourth-quarter earnings of $1.43 a share on revenue of $7.87 billion.

Higher costs for raw materials and research and development have eaten into Deere's profit.

The stock is down more than 12% so far in 2011.

AAA estimates about 42.5 million people are expected to travel -- by car, by plane or by train -- on Thanksgiving, despite higher gas prices from last year.

The average price of a gallon of gas -- $3.42 -- is almost 20% more than on Thanksgiving Day 2010.

-- Written by Joseph Woelfel

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Joseph Woelfel

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