NEW YORK (TheStreet) -- Stock futures were pointing to a pullback from new highs and a five-session advance as China, the world's second-largest economy, showed signs of economic instability and Caterpillar (CAT), the construction and mining equipment leader, reported a quarterly profit that fell short of expectations.
Futures for the S&P 500 were slumping 8.75 points, or 8.27 points below fair value, to 1,740.75. Futures for the Dow Jones Industrial Average were sinking by 61 points, or 64.66 points below fair value, to 15,337. Futures for the Nasdaq were down 17.5 points, or 19.83 points below fair value, to 3,339.
China concerns weighed on international markets and U.S. stock futures as the country revealed a tripling of write-offs in bad bank loans and as short-term money rates in China spiked amid signs that the central bank could tighten liquidity in order to temper inflation.
Nearly 40 S&P 500 components were expected to report their earnings on Wednesday.
Caterpillar was sinking by 4.62% to $85.05 after the Peoria-based company's net income for the third-quarter missed analyst forecasts by 21 cents at $1.45 a share and slashed its full-year sales outlook. CEO Doug Oberhelman said that it has been a "difficult" year for Caterpillar, particularly in mining.
Boeing (BA) was jumping nearly 3% to $126.14 after the aerospace giant beat Wall Street earnings estimates, raised guidance and projected continuing growth in production of the 787 Dreamliner. Boeing said third-quarter earnings rose 16% on the strength of higher commercial aircraft deliveries.
Bristol-Myers Squibb (BMY) was slipping 1.23% to $49.12 even after the pharmaceutical company reported stronger-than-anticipated earnings driven by cancer and diabetes treatments, as it reiterated the company's previous 2013 earnings estimate of $1.70 to $1.78 a share.