NEW YORK (TheStreet) -- U.S. futures were giving up the slight gains from Tuesday that saw the Dow Jones Industrial Average and S&P 500 notch their fifth-straight day of records closing highs.
Before the bell Wednesday, Dow futures were down 0.38%, S&P 500 futures slipped 0.41%, and Nasdaq futures fell 0.33%.
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Global regulators have levied fines against five international banks for attempting to fix foreign exchange markets. Citibank (C) , JPMorgan Chase (JPM) , Royal Bank of Scotland (RBS) , HSBC (HSBC) and UBS (UBS) agreed to a $3.4 billion settlement. Barclays (BCS) shares were down 2.5% premarket after delaying its settlement with regulators.
European markets were tumbling, with Germany's DAX and France's CAC 40 down by more than 1%, after the Bank of England cut growth forecasts for the next two years and warned of deflationary risks. The eurozone has been under the microscope for slowdown risk as investors comb through a series of worse-than-expected data coming out of the region over the last few weeks.
Macy's (M) was rising slightly in premarket trading after third-quarter earnings beat forecasts but the retailer trimmed its fiscal 2014 outlook.
Yahoo! (YHOO) was gaining 0.5% premarket after announcing its $640 million acquisition of video ad platform BrightRoll. Yahoo!, which has seen a decline in display ad revenue, said BrightRoll's ad revenue would exceed $100 million this year.