(MENAFN- ProactiveInvestors) U.S. stock futures were lower early Wednesday suggesting markets could struggle for a sixth record session as investors were influenced by losses in Europe and falling oil prices.
Futures on the three major US indexes were down 0.4% as of 8:15am ET. Stocks closed essentially flat on Tuesday amid thin volumes on Veteran's Day but both the Dow and the S&P 500 managed to eke out their fifth straight record closings.
It was another light day in terms of economic data Wednesday with only the government's wholesale trade report for September out at 10:00am ET. Economists are looking for a rise of 0.3% compared to a 0.7% advance in August.
In the afternoon Minneapolis Fed President Narayana Kocherlakota will give a luncheon talk in Eau Claire Wisconsin.
In corporate activity retail earnings were a focus today with Macy's () reporting before the bell third quarter earnings that beat estimates while revenues fell short. The retailer's third quarter same store sales fell 0.7% compared to an expected gain of 1.3% and it also cut its full year earnings outlook. J.C. Penney () reports quarterly results after the closing bell today as does ().
() shares surged more than 10% premarket Wednesday after the company last night posted earnings and revenue for its latest quarter that topped forecasts and also announced a $1 billion stock buyback program.
In other stock news five global banks -- Citigroup () HSBC (NYSE:HSBC) JPMorgan () Royal Bank of Scotland (NYSE:RBS) and () -- have been fined a total of $3.4 billion by US and European regulators for allegedly trying to rig foreign exchange markets.
According to a report from Reuters at least two Yahoo () shareholders are asking CEO Tim Armstrong to explore a merger and run the combined company. Meanwhile Yahoo has agreed to buy digital ad platform Brightroll for $640 million.
Zoetis (NYSE:ZTS) could also be in focus today as activist investor Bill Ackman has reportedly taken a $2 billion stake in the compnay and could push for the sale of the animal-health business.
GM () is reportedly laying off 510 workers at two Michigan auto plants due to low gas prices and falling demand for cars.
European markets were broadly lower today with shares in Germany off the most as oil prices and banks weighed. Asian markets all finished higher with Japanese stocks scaling seven year highs on further speculation that Prime Minister Shinzo Abe will postpone a planned sales tax hike and call for a general election in December.
Gold futures were up $4 at $1167 an ounce in electronic trading in New York while December crude fell 74 cents to $77.21 a barrel as investors continued to worry about oversupply. The International Energy Agency said the slide in crude prices may cut investment in US shale oil by 10% next year slowing growth.
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