(MENAFN– ecpulse) Tuesday’s market fall seems to have spread weakness into global markets on Wednesday’s session, with investors awaiting a revision of U.S. growth that could show the deepst slump since the financial crisis.
During the previous session, the Dow Jones fell 119 points, its biggest one-day percentage drop in over a month. The S&P 500 and the NASDAQ fell as well.
All major European markets were lower by around 0.5% today, while Asian markets ended in negative territory.
U.S. stock futures were relatively weak.
-Futures on the Dow Jones Industrial Average fell 0.006% to 16751
-Futures on the S&P 500 Index gained 0.057% to 1944.30
-Futures on the NASDAQ 100 fell 0.026% to 3793.50 . As of 07:30 a.m. ET
Trading tone could be influenced by the Commerce Department’s revised first-quarter GDP numbers ahead of the opening bell.
The first estimate showed the U.S. economy shrank in the first quarter, and economists expect the revision to show even a worse decline.
Analysts predict the revision will indicate the economy contracted at a -1.8% annual rate. Any number worse than -1.3% will be the single worst quarter for the U.S. economy since the Great Recession. The last time the economy shrank more than 1.3% was during the first quarter in 2009, at the peak of the crisis.
Investors will get quarterly results from Barnes and Noble, General Mills and Monsanto ahead of the opening bell. Bed Bath and Beyond will report after the close.
Dubai stock markets experience a heavy drop at the start of the week, as concerns about continued turmoil in Iraq damaged investor confidence. However, the benchmark Dubai Financial General Market Index recovered about 5% on Wednesday.
Russia`s Micex index declined nearly 1% on reports that the West might place more sanctions on Russia.
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