U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, as the market braced for more corporate earnings and after a late afternoon sell-off in Chinese stocks rattled investors.
At 5.19 a.m. EST, futures for the S&P 500 were down 0.40 percent, Dow Jones futures were down 0.33 percent and Nasdaq 100 futures were down 0.20 percent.
Futures fell more than 1 percent earlier, driven lower by a 5 percent slide in Chinese shares <.SSEC> -- posting their biggest daily decline in eight months and dragging down Hong Kong-listed counters -- on worries that authorities might take measures to cool the 80 percent bull run in Shanghai this year.
Japan's Nikkei stock average <.N225> edged up 0.3 percent to a seven-week closing high, buoyed by high-tech shares such as Tokyo Electron <8035.T>, but gains were capped ahead of key company earnings, and Nippon Steel <5401.T> fell 3.5 percent after the company said it swung to a quarterly loss.
European stocks were up 0.8 percent in late morning, led by Bayer
Dutch chemical group Akzo Nobel NV
Microsoft shares in Frankfurt were up 0.9 percent while Yahoo shares
After the bell on Tuesday, Western Digital Corp
Oil fell 2 percent to below $66 a barrel on Wednesday, extending losses for a second day after a sharp sell-off in buoyant Chinese shares triggered wider losses in risk assets.
The dollar and the yen gained broadly while perceived higher risk currencies came under heavy selling pressure on Wednesday as riskier assets succumbed to profit-taking after a recent strong rally.
The day's earnings calendar includes quarterly results from ConocoPhillips
The Dow and the S&P 500 edged lower on Tuesday as investors shrugged off weak consumer confidence data and focused on positive earnings reports.
The Dow Jones industrial average <.DJI> shed 11.79 points, or 0.13 percent, to 9,096.72. The Standard & Poor's 500 Index <.SPX> dropped 2.56 points, or 0.26 percent, to 979.62. But the Nasdaq Composite Index <.IXIC> gained 7.62 points, or 0.39 percent, to 1,975.51.
(Reporting by Blaise Robinson; Editing by Hans Peters)