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 * The Dow Jones industrial average has lost 10.71 percent in the
past six trading days, while the S&P 500 has dropped 11.71
percent and the Nasdaq composite 11.5 percent.
* "These type of swings are typical when the market behaves in a way
that is a real test of nerves and there is a lot of ongoing
uncertainty," said Peter Cardillo, chief market economist at
Rockwell Global Capital in New York.
* Futures extended their gains after data showed that applications
for U.S. home mortgages edged up last week.
* Investors will be looking for clues on the timing of a U.S.
interest rate hike when Federal Reserve Bank of New York President
William Dudley speaks on the regional economy.
* Data scheduled for Wednesday includes durable goods orders at 8:30
a.m. ET, expected to have increased 0.4 percent in July, down from
June's 0.9 percent rise.
* The Shanghai Composite Index <.SSEC> ended down for the fifth
straight day, underscoring fragile confidence and deep doubt over
whether the Chinese central bank's cuts in interest rates and
reserve ratios on Tuesday could stabilize the economy.
* China's economic downturn and global market turmoil have also
created fresh uncertainty over whether the U.S. Federal Reserve will
begin raising interest rates this year.
* The dollar index, which touched a 7-month low earlier in the week,
was down 0.2 percent.
* Oil stabilized, but prices stayed near 6-1/2-year lows, with U.S.
crude oil still trading below $40 per barrel.
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* Google shares were up 3 percent at $630.71 in premarket trading
after Goldman Sachs raised its rating to "buy" from "neutral" and
added it to its conviction buy list.
* Cameron International soared 40.7 percent to $59.75 after
Schlumberger, the world's No.1 oilfield services company, said it
would buy the oilfield equipment maker in a deal valued at $14.8
billion. Schlumberger fell 2.1 percent to $71.
Futures snapshot at 7:40 a.m. EDT: * S&P 500 e-minis were up 33.5
points, or 1.79 percent, with 504,139 contracts traded. * Nasdaq 100
e-minis were up 77 points, or 1.91 percent, on volume of 80,359
contracts. * Dow e-minis were up 269 points, or 1.71 percent, with
52,329 contracts changing hands.
(Additional reporting by Sweta Singh; Editing by Saumyadeb
Chakrabarty)
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