U.S. faces a world of stock pain Markets set to open lower, following in the path of losses in Asia, Europe. January 10 2007: 5:55 AM EST
NEW YORK (CNNMoney.com) -- Stock weakness throughout the world could hit Wall Street when trading begins Wednesday.
At 5:55 a.m. ET, Nasdaq and S&P futures were solidly lower, indicating a lower open for the markets. Markets in Asia ended lower, while Europe was down in morning trade.
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Oil was down ahead of the weekly inventory report, due after the market open. U.S. light crude eased 68 cents to $54.96 a barrel in electronic trading.
In corporate news, CBS (Charts) Chief Executive Leslie Moonves announced several digital media deals at the Consumer Electronics Show on Tuesday.
Dow component Alcoa (Charts) posted surprisingly strong quarterly earnings after the closing bell Tuesday. The aluminum maker's CEO also gave a bullish outlook on 2007.
Biotech Genentech (Charts) reports quarterly earnings after the closing bell.
In addition to earnings, stock trading on Wednesday will be influenced by the economic reports that are expected, including readings on the November trade balance and wholesale inventories.
Treasury prices were little changed, with the 10-year note yield holding around 4.65 percent.
In currency trading, the dollar jumped versus the euro but was weaker versus the yen.
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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