Wednesday's opening in Wall Street headed lower after Alcoa Inc. announced it will cut about 13 percent of its workforce.

Pittsburgh-based Alcoa said Tuesday it will cut 13,500 jobs in response to the economic downturn. On Friday a U.S. government report will issue the latest unemployment figures.

The Dow Jones Industrial average futures fell 104 points or 1.16 percent to 8,846 ahead of the markets' opening. The Standard & Poor's 500 index futures dropped 10.90 points, or 1.17 percent, to 919.60, and Nasdaq 100 index futures declined14.50 points, or 1.14 percent, to 1,256.50.

Crude oil prices declined 27 cents to $48.21 a barrel in premarket electronic trading on the New York Mercantile Exchange.