NEW YORK (TheStreet) -- U.S. stock index futures were struggling for direction on Wednesday as the market tried to ascertain whether it should buy into the prior session's weakness or whether there was more to come.
Watch the video below to see how European markets are doing in midday trading Wednesday:
Dow Jones Industrial Average
The factors driving the weakness were global uncertainties, marked by the approaching Sept. 18 Scottish independence referendum and the possibility of a global shift in interest rates.
"I think people are getting worried about Scotland saying 'yes, we want our independence' and the uncertainty that will surround that. You can almost say that it's the referendum that may have killed the bull," said Sam Stovall, U.S. equity strategist at S&P Capital IQ.
Also, the Bank of England has hinted that it could raise rates sooner than expected amid concerns that the market has been underestimating the odds that a Fed rate hike could come sooner than later.
"Investors are beginning to worry that it's a global shift and that rates, except for Europe as a whole, might be seeing the start of their long, slow uphill climb. That's like a dark cloud hanging over investors mindsets right," Stovall remarked.