Stock futures dropped this morning indicating a possible lower start for U.S. stocks after Chinese stocks plunged 6.5% overnight.

Yesterday, stocks got a lift from M&A activity, but today, a sharp sell-off in Chinese stocks could take U.S. stocks down. Chinese stocks plunged after the government tripled the "stamp tax" on stock trades, trying to cool down the booming stock market. The Shanghai Composite Index tumbled 6.5% after hitting a record high on Tuesday. The Shenzhen Composite Index closed with a 7.2% loss. Economists say this shouldn't affect China economy as growth is mostly export driven.

Analysts have been expecting a correction in Chinese stocks due to the sharp price rise. Even Alan Greenspan quipped as much last week. European stocks fell the most in two months as fears this would spark yet another global sell-off similar to the one in late February. But the declines in global markets declined did not reach the same magnitude: The Nikkei 225 closed down 0.5% in Tokyo, the FTSE 100 declined 1.1% in London, Germany's DAX index was down 1.%, and France's CAC-40 was down 0.9%.

Today, investors will also pay attention to the Fed minutes release (at 2 p.m.) after it last kept rates unchanged, stating inflation remained a priority. The minutes could reveal more into policy makers future intention and investors will scrutinize the wording to see any implied intentions.

Oil prices rose today, ahead of U.S. inventory data (10 a.m.). While the report is expected to show an increase in crude and gasoline supplies, geopolitical concerns increased, especially worries about disruptions in Nigeria resurfaced.

Corporate news:

CDW Corp. (NASDAQ: CDWC) said yesterday that it had agreed to be acquired by a private equity company, Chicago's Madison Dearborn Partners LLC, in a $7.3 billion deal. CDW shareholders will receive $87.75 in cash for each share of common stock, which is a 16.1% premium over the company's Friday closing price.

IntercontinentalExchange Inc. (NYSE: ICE) may have helped its hostile bid for CBOT Holdings (NYSE: BOT) by reaching an agreement aimed at resolving a dispute between CBOT and the Chicago Board Options Exchange (NYSE: CME), The Wall Street Journal reported.

Viacom Inc. (NYSE: VIA) agreed to sell its Famous Music publishing business to Sony/ATV Music Publishing for about $370 million, the Wall Street Journal.