NEW YORK (TheStreet) -- U.S. stock futures were downbeat Wednesday as the markets were inundated with negative geopolitical and economic news, with concerns further worsened by worries about an early interest rate hike from the Federal Reserve.
With earnings season winding down, there appears to be less that can distract the markets from the confluence of Wednesday's negative headlines.
Futures for the Dow Jones Industrial Average were 71 points lower, or 67.47 points below fair value, to 16,295. Futures for the S&P 500 were shedding 7.5 points, or 9.01 points below fair value, to 1,905.5.
Nasdaq futures were behind by 20 points, or 16.64 points below fair value, to 3,851.8.
U.S. stocks on Tuesday finished at session lows after being pressured by a ramp-up of tensions in Ukraine. Better-than-expected economic data failed to help the S&P 500 sustain a recovery from last week's worse slump in two years.
Time Warner (TWX) shares were plummeting more than 11% to $75.75 in premarket trading after 21st Century Fox (FOXA) withdrew its $80 billion stock-and-cash offer to acquire its long-time rival. News that Time Warner reported earnings of 98 cents a share vs. consensus estimates of 84 cents failed to fuel any share-price strength.
A handful of other top corporate headlines were crossing the wires Wednesday.
Apple (AAPL) and Samsung agreed to end all patent lawsuits between each other outside the U.S. in a step back from three years of legal hostilities between the world's two largest smartphone makers. Meanwhile, China's government excluded Apple iPads and MacBook laptops from the list of products that can be bought with public money because of security concerns, Bloomberg reported, citing government officials familiar with the matter.