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 * U.S. crude oil prices were down more than 3 percent, also
pressured by data showing an increase in stockpiles. [O/R]
* Stocks have closely tracked oil prices this year as investors fret
about the health of the global economy.
* Global stocks also fell, while increased demand for traditional
safe havens drove up gold prices and the dollar.
* U.S. stocks slid on Tuesday, as last week's rally lost steam.
* The S&P 500 is down 6 percent for the year, while the Nasdaq
composite has shed more than 10 percent.
* The S&P financial sector <.SPSY> is the worst performer among the
10 major S&P sectors, down 12.5 percent in the last two months, as
banks brace for defaults from beleaguered oil and gas companies and
face the brunt of volatile financial markets.
* Economic data due on Wednesday includes a report on new home
sales, which are expected to have fallen 4.4 percent in January. The
data is due at 10 a.m. ET (1500 GMT).
* Investors will also analyze comments from U.S. Federal Reserve
policymakers for clues on the central bank's view on the state of
the economy ahead of its meeting next month.
* While Fed Chair Janet Yellen has hinted that the central bank is
likely to stick to its plan to raise rates gradually this year,
other policymakers have expressed caution about pressing ahead amid
the turbulence in global markets.
[to top of second column] |
* Shares of Lowe's were down 2.1 percent at $66.50 premarket after
the home improvement chain reported results.
* JP Morgan was down 1.1 percent at $55.50 after it said it would
set aside another $500 million in provisions for expected losses on
energy loans and that its investment banking revenue was falling. At
least three brokerages cut their price targets on the stock.
Futures snapshot at 6:51 a.m. ET:
* Dow e-minis were down 141 points, or 0.86 percent, with
36,602 contracts changing hands.
* S&P 500 e-minis were down 16 points, or 0.84 percent, with
255,732 contracts traded.
* Nasdaq 100 e-minis were down 48.75 points, or 1.17 percent,
on volume of 36,408 contracts.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil
D'Silva
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