NEW YORK (TheStreet) -- 

Stock futures are pointing to a lower open amid tepid economic growth in Europe and speculation the Federal Reserve could reduce stimulus in the short-term after a strong rise in new jobs.

Futures for the S&P 500 were off 3.25 to 1,788.25 while futures for the Dow Jones Industrial Average were down 15.00 to 15,876. Nasdaq futures were off 3.80 to 3,472.0.

The Federal Reserve should only taper when it is "completely confident" the economy is on the right track, John Williams, president of the San Francisco Federal Reserve Bank, told Reuters on Tuesday. But many investors believe better economic data could support the case for a cut in bond purchases from this month. 
 
Economic growth in the eurozone rose 0.1% in the third quarter, in line with estimates, but contracted 0.4% from a year earlier. Exports and household consumption were tepid. In the Asia-Pacific, Australia's GDP was lower than forecast, up 0.6% in the third quarter. 
 
Shares expected to see movement today include OmniVision Technologies ( OVTI), J.C. Penney ( JCP) and Express ( EXPR). OmniVision posted results late Tuesday that beat expectations but projected this quarter's results to be well below consensus. Shares in the mobile camera sensor maker dived 14% after hours. J.C. Penney said comparable-store sales rose 10.1% in November while it was pleased with sales over the Thanksgiving holiday weekend. Its shares were up more than 4% after hours. 
 
The economic calendar for Wednesday includes ADP's estimate of new private-sector jobs at 8:15 a.m. EST with expectations for 185,000 jobs in November, up from 130,000 in October. Other agenda items include the U.S. trade deficit at 8:30 a.m., new home sales for October and September at 10 a.m. and the Federal Reserve's Beige book at 2 p.m. 
 
Six companies agreed to pay European Union antitrust fines that totaled 1.7 billion euros ($2.3 billion) for rigging benchmark rates for profit. Deutsche Bank ( DB) was fined 725 million euros. 
 
Germany's DAX was flat while the FTSE was off 0.15%. The Hang Seng closed 0.76% lower while the Nikkei shed 2.17% and Chinese shares jumped on news of financial reforms.

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