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 The world's largest shipping carrier cited a weaker economy and higher fuel costs when it cut its profit projections. Investors earlier this week received disappointing quarterly results from aluminum producer Alcoa Inc. and chip-maker Advanced Micro Devices Inc. at the start of earnings season.
Stocks fell Tuesday amid disappointment about the first trickle of corporate results, and continued concerns abut the slumping economy. Analysts had been hoping a strong earnings period would help drive stocks higher.
More economic data is on tap during the session, including reports on mortgage applications and wholesale prices. There are also speeches scheduled from Federal Reserve Chairman Ben Bernanke, Fed Governor Randall Kroszner, and Dallas Fed President Richard Fisher; .
Dow Jones industrial average futures fell 29, or 0.21 percent, to 12,581. Standard & Poor's 500 index futures declined 5.20, or 0.38 percent, to 1,365.80. Nasdaq 100 index futures dropped 5.75, or 0.31 percent, to 1,849.00.
Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.53 percent from 3.56 percent late Wednesday.
Government data scheduled for release Wednesday is expected to show crude oil inventories rose last week for the second straight period. Ahead of that report, light, sweet crude fell 6 cents to $108.44 a barrel in premarket electronic trading on the New York Mercantile Exchange.
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 Gold was lower, and the dollar was mixed against other major currencies.
In economic news, data to be released Wednesday by the Mortgage Bankers Association is projected to show whether mortgage applications fell for the second straight week as mortgage rates inched upward.
Economists expect a Commerce Department report to show wholesale sales and inventories increased at a slower pace in February as distributors reduced stockpiles after slow holiday sales.
Among companies being watched, AMR Inc.'s American Airlines is expected to cancel more flights Wednesday as it attempts to comply with federal rules about wiring on about 300 of its planes. Airline officials said they canceled about 500 flights Tuesday but didn't know how many would be scrubbed Wednesday.
Overseas, Japan's Nikkei stock average fell 1.05 percent. Britain's FTSE 100 shed 0.41 percent, Germany's DAX index declined 0.72 percent, and France's CAC-40 fell 0.49 percent.
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[Associated Press; By JOE BEL BRUNO]
Copyright 2008 The Associated Press. All rights reserved. This
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