Stock futures pointed to a lower open on Wednesday after Dow component Boeing reported disappointing quarterly results and on increased concern that a market pullback looms.
Wells Fargo & Co
Drugmaker Eli Lilly and Co
The market has been run up into earnings here, so it's not unlikely that we are going to see some people taking profits, and that's all it really looks like at this point, said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.
Everybody out there thinks it's inevitable we will have some kind of correction, and you need to do that.
The S&P 500 has risen more than 61 percent since hitting 12-year lows in March as economic data has suggested the economy is recovering.
S&P 500 futures fell 4.5 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 40 points, while Nasdaq futures slid 5.50 points.
Altria Group Inc
Earnings expected later today include results from eBay Inc
Economic data includes the U.S. Federal Reserve's Beige Book on regional economic activities at 2 p.m. EDT.
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)