Gosh....it was too good to be true....Let me guess....financials again..... geeezzzzzz
FTSE 100 5,773.80 6:48AM ET -88.10 (-1.50%)
DJIA INDEX 12,136.00 -37.00 06:47 AM
Jitters hang over Wall Street
6:53am: Futures decline ahead of Morgan Stanley, FedEx earnings; crude supplies report on deck
NEW YORK -- Stocks futures fell early Wednesday, ahead of a key report on crude oil inventories and earnings from Morgan Stanley and FedEx.
At 6:45 a.m. ET, Nasdaq and S&P futures were lower, with a comparison to fair value suggesting a negative open for Wall Street.
The government's weekly report on fuel supplies is due at 10:30 a.m. ET. Oil prices edged above $134 in electronic trading ahead of that report.
Quarterly results from Morgan Stanley (MS, Fortune 500) are in focus amid worries about more writedowns in the banking sector. Morgan is due to post earnings before the market open.
Delivery firm FedEx (FDX, Fortune 500), which is considered a barometer of economic activity, also is slated to report results before the opening bell.
Concerns about the health of financial firms, along with economic worries, sent the blue-chip Dow tumbling more than 100 points, or about 0.9%, Tuesday.
Companies to watch include:
Top executives at DreamWorks (DWA) are close to a deal with one of India's biggest entertainment conglomerates, Reliance ADA Group, to form a new movie venture, the Wall Street Journal reported.
The deal would provide DreamWorks, co-founded by Steven Spielberg and David Geffen, with $500 million to $600 million in equity, which the company could use to finance its departure from Viacom Inc.'s (VIA) Paramount Pictures later this year, according to the Journal.
Northwest Airlines (NWA, Fortune 500) said late Tuesday it will cut its capacity later this year by 3% to 4% because of high fuel prices. The airline also said it will try to shrink its staff through voluntary severance but layoffs are possible.
The reductions were sharper than those announced in April, though they're smaller than cuts announced by many other airlines.
Retail investment firm TD Ameritrade (AMTD) said late Tuesday it expects third-quarter earnings to be near the high end of expectations. The company reports earnings July 17.
In global trade, stocks in Asia advanced for the fourth straight day. European markets tumbled in midday trading.
European stocks fell after J Sainsbury Plc reported slowing sales and brokerages downgraded property and tourism companies as the cooling economy drags on profits. U.S. index futures declined, while Asian shares rose.
Sainsbury slumped the most in a week after cuts in consumer spending hurt revenue. Segro Plc dropped after Credit Suisse Group AG downgraded the property company and recommended selling U.K. real-estate shares. Carnival Corp., the world's largest cruise- line company, sank to the lowest this year. UBS AG fell after JPMorgan Chase & Co. said the bank will post more writedowns.
(20min delay)