U.S. stock futures fell Wednesday morning following sharp declines in Chinese markets that spurred global jitters. Without much economic news on the docket today, investors' attention is also drawn to Hewlett-Packard, which reported better-than-expected results late Tuesday.In Shanghai, the main index plunged over 5% at one point -- briefly dipping into bear-market territory -- before closing down 4.3%. Chinese resource companies posted some of the biggest losses. The selloff in China led to a broad Asian selloff for the second time this week, and and triggered declines in equities commodities worldwide. Investors are concerned over liquidity and credit conditions in the Chinese market as a result of further tightening and a lack of market-supportive measures from Beijing. Globally, the Chinese markets sellfoff also strengthened fears stocks have become overpriced after this year's powerful rally.
In focus this morning is also Hewlett-Packard Co. (NYSE: HPQ), which reported results Tuesday after the close. Its profit declined 19 percent in the quarter, showing that the company still relies heavily on printer ink and the troubled personal computer market, despite efforts to branch out. Still, HP topped analyst profit and sales estimates, and guided higher than forecasts.
Oil prices fell below $69 a barrel Wednesday following the selloff in world stock markets that added to concerns about economic recovery and hence oil demand. From the supply side, it seems OPEC is satisfied with prices. At 10:30 a.m. today, traders will also examine the weekly inventory report.
Why isn't Bank of America updating its shareholders on CEO situation?
Before the bell: Futures sharply lower on Dubai's debt problems
Will Rich Ross really have a positive impact on Disney's movie operations?
