Futures on major U.S. stock indices point to a modestly lower opening on Wednesday as investors await a wave of economic data including durable goods orders and new home sales.

Futures on the S&P 500 are down 0.12 percent, futures on the Dow Jones Industrial Average are down 0.13 percent and Nasdaq100 futures are down 0.15 percent.

Before the opening bell, reports on durable goods orders, weekly initial jobless claims, personal spending and income will be released.

Economists expect new orders for manufactured durable goods in October to decrease by 0.30 percent compared to a 3.5 percent gain in September. Core durable goods orders, excluding transportation, are expected to increase 0.4 percent in October. Personal spending and income may probably have picked up in October.

Meanwhile, weekly jobs report is expected to show that the initial jobless claims declined to 434,000 for the week ended Nov 20th against 439,000 of the previous week. Any data weaker than this will weigh on market sentiments.

After the opening bell, new home sales data for the month of October will be released. Economists have forecast sales of new single-family houses to be 312,000 for October against 307,000 in the previous month.

On Tuesday, US stocks tumbled on heightened geopolitical tensions in Korea and rising fears about the spread of euro zone debt crisis. Minutes from the last FOMC meeting which revealed disagreements among policymakers over the efficacy of the second round of quantitative easing did not help market sentiment either.

The euro declined 0.39 percent to 1.3315 against the dollar and the yen gained 0.02 percent against the greenback.

Crude oil futures rose 0.23 percent to $81.44/barrel and gold futures rose 0.05 percent.

European stock markets are currently trading mixed with FTSE 100 up by 10.95 points and DAX30 up by 23.06 points, while CAC 40 down by 1.87 points.