8:15 a.m. Update: Stock futures were lower early Wednesday as Wall Street eyed a second straight day of retreat. S&P 500 futures fell 4.7 points and were below fair value. Dow futures declined 41 points, while Nasdaq 100 futures lost 7.75 points.
U.S. stocks broke a six-day winning streak on Tuesday, closing slightly lower on weak volume. Mixed economic data hit the major indexes. The Case-Shiller home price index for October tumbled more than expected. Consumer confidence improved in December, but still came in a tad below estimates. The Nasdaq, NYSE composite and S&P 500 slipped 0.1% each. The Dow gave up a fraction.
Financials could be in the spotlight Wednesday on reports that GMAC Financial Services is close to getting some $3.5 billion in additional government aid. The firm already has received $12.5 billion since last December.
Broadcom (BRCM) said late Tuesday it will pay $160.5 million in cash to resolve an investor lawsuit over improperly backdated stock options.
Bond prices held steady ahead of an auction of seven-year notes. The Treasury is auctioning off $118 billion of new debt. The yield on the benchmark 10-year Treasury note was unchanged at 3.80%.
Overseas, Japan's Nikkei stock average fell 0.9%. while Hong Kong's Hang Seng retreated 0.01%. In afternoon trade, Britain's FTSE 100 was down 0.4%, Germany's DAX index shed 0.6% and France's CAC-40 declined 0.4%.
