Stock index futures fell on Wednesday, a day after the Nasdaq stock index <.IXIC> clinched a 10-day winning streak, as investors braced for another round of quarterly results from bellwethers including Morgan Stanley
Investors will be closely watching as Federal Reserve Chairman Ben Bernanke continues his congressional testimony on the economic outlook and monetary policy, now before the Senate Banking Committee, at 10 a.m. EST. On Tuesday, Bernanke was cautious about the economic recovery.
Other companies reporting quarterly scorecards include Qualcomm
S&P 500 futures fell 4.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 32 points and Nasdaq 100 futures dropped 3.75 points.
Crude futures fell more than 1 percent to less than $65 per barrel after data showing an unexpected rise in U.S. crude stocks suggested demand in the world's top energy consumer was still weak.
U.S. shares gained ground on Tuesday as strong results from Caterpillar Inc
(Reporting by Rodrigo Campos; Editing by Theodore d'Afflisio)