The mood on Wall Street seems to be markedly negative, as indicated by the U.S. index futures, which point to a notably lower opening on Wednesday. Traders may wait and watch the proceedings at an informal meeting among European leaders at Brussels scheduled for later in the global trading day. PC maker Dell's (DELL) lackluster results and muted forecast may also create some degree of uneasiness. The new home sales report is also expected to be on the investors' radar.
As of 6:30 am ET, the Dow futures are receding 82 points and the S&P 500 futures are down 9.70 points, while the Nasdaq 100 futures are declining 19.25 points.
U.S. stocks meandered to a narrowly mixed close on Tuesday, as a mixed domestic home sales report and underlying concerns surrounding Europe's debt crisis kept sentiment subdued for much of the session.
On the economic front, the Commerce Department is due to release its new home sales report for April at 10 am ET. The consensus estimate calls for new homes sales of 335,000 compared to the 328,000 reported for March.
The Federal House Finance Agency, or FHFA, is set to release its house price index for March at 10 am ET. Economists expect a 0.3 percent month-over-month increase in the house price index, the same pace as in the previous month.
Additionally, the Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended May 18th at 10:30 am ET. The inventory report released by the American Petroleum Institute late Tuesday showed that crude oil inventories rose by 1.5 million barrels in the week ended May 18th.
In corporate news, Toll Brothers' (TOL) second quarter results exceeded estimates. Big Lots (BIG) reported first quarter results that trailed expectations. The company's second quarter guidance was downbeat, while its full year guidance surrounded the consensus estimate.
Dell (DELL) reported non-GAAP earnings of 43 cents per share on revenues of $14.4 billion. The results trailed expectations. The company said it expects second quarter revenue to be in line with historical seasonal trends and to be up 2-4 percent from the first quarter. Analysts expect about 7 percent revenue growth.
BlackRock (BLK) announced that its secondary offering of 26.21 million shares has been priced at $160 per share, at a discount to its closing price of $163.37 on Tuesday.
Guess, Inc. (GES) reported first quarter results that exceeded estimates, while the guidance was weak.
Take-two Interactive (TTWO) reported a loss for its fourth quarter that was wider than what analysts expected, while its revenues exceeded estimates. The guidance was lackluster.
Hewlett-Packard (HPQ), NetApp (NTAP), Pandora Media (P), Semtech (SMTC) and Synopsys (SNPS) are among the companies due to report their quarterly results after the markets close.
Sentiment in Asia has soured, towing in line with Wall Street, as traders await more trading cues.
Japan's Nikkei 225 average closed down 172.69 points or 1.98 percent at 8,557, representing a 4-month low. Along with the global economic scenario, the yen's strength also served as a deterrent to export stocks. Financial and tech stocks are among the worst performers.
The yen extended its strength amid the Bank of Japan's decision to hold its overnight uncollateralized rate at 0-0.1 percent. Belying expectations from some quarters, the central bank did not expand its bond buying program. The bank termed the domestic growth as shifting toward a pick-up phase despite the flat growth, while it expects the economy to return to a moderate recovery path.
The All Ordinaries of Australia closed 54.70 points or 1.31 percent lower at 4,119, with material and energy stocks leading the slide. Hong Kong's Hang Seng Index closed at 18,786, down 252.96 points or 1.33 percent and South Korea's Kospi ended down 1.10 percent, while China's Shanghai Composite, which saw some early strength, closed with a more modest loss of 9.87 points or 0.42 percent at 2,363.
The major have given most of their previous session's gains and are trading with steep losses ahead of the European summit. The European leaders are expected to discuss the issuance of Eurobonds despite opposition for the bonds from German Chancellor Angela Merkel.
On the economic front, the minutes of the Bank of England's monetary policy meeting showed that the Monetary Policy Committee adopted the decision to maintain the size of the bon d buying program at the May meeting by a 8-1 split vote. Committee member David Miles sought a 25 billion pound increase in the program.
A report released by the U.K. Office for National Statistics showed that the U.K. retail sales fell 2.3 percent month-over-month in April compared to the 0.8 percent drop expected by economists. Belying expectations for an annual growth of 1 percent, retail sales fell 1.1 percent.
Commodities are weaker, while risk currencies are also retreating, with the euro trading close to a 2-year low.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.