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Futures Pointing To Modestly Lower Open On Wall Street

After turning in a mixed performance in the previous session, stocks may move to the downside in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the Dow futures down by 9 points.

The downward momentum for the markets is partly due to the release of some disappointing European economic data, which has led to renewed concerns about a recession in the eurozone.

The report from Markit Economics revealed that private sector activity in the eurozone contracted in February, with the corresponding composite output index dipping below the '50' cut-off mark to 49.7.

A separate report showing the fourth consecutive monthly contraction in Chinese manufacturing activity has also generated some negative sentiment.

On the U.S. economic front, the National Association of Realtors is scheduled to release its report on existing home sales in the month of January at 10 am ET. Existing home sales are expected to edge up to an annual rate of 4.69 million in January from 4.61 million in December.

Shares of Dell (DELL) are likely to come under pressure in early trading, with the computer maker down by 6.6 points in pre-market trading after reporting weaker than expected fourth quarter earnings.

Dell reported fourth quarter adjusted earnings of $0.51 per share, a penny below analyst estimates. The company also issued disappointing revenue growth guidance for the first quarter.

by RTT Staff Writer

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