Futures lower on global growth worry, JPMorgan results
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S. stock index futures fell on Wednesday, putting equities on track to extend their three-day losing streak, as global demand worries continue to put pressure on commodities such as oil and copper.
* Copper prices touched their lowest level since July 2009 and were last down 5.1 percent at $5,353.25 a tonne after the World Bank cut its global forecast for economic growth in 2015 and next year. Shares of Freeport McMoRan lost 4.4 percent to $20.11 before the opening bell.
* Brent crude fell to a low of $45.59 before bouncing back to trade up 0.2 percent to $46.66, while U.S. crude was down 0.2 percent at $$45.82 after falling as low as $45.01. The Energy Information Administration's oil inventory report is due at 10:30 a.m. (1530 GMT). [O/R]
* Adding to pressure were shares of JPMorgan, which fell 1.3 percent to $58.10 after the biggest U.S. bank by assets reported a 6.6 percent drop in quarterly profit. Earnings from Wells Fargo are also expected on Wednesday.
* Fourth-quarter earnings are expected to show growth of 3.7 percent from a year earlier, according to Thomson Reuters data, down from the 11.2 percent growth expected on Oct. 1.
* U.S. stocks ended lower on Tuesday in a volatile session, weighed by the energy and materials sectors to give the benchmark S&P index its third straight decline and eighth drop in 10 sessions. The S&P is down 3.2 percent from its last record high on Dec. 29.
* Economic data expected on Wednesday includes December retail sales and import prices at 8:30 a.m. (1330 GMT), with business inventories scheduled for 10 a.m.
* Tesla shares dropped 7.7 percent to $188.62 before the opening bell after Chief Executive Officer Elon Musk said the company might not be profitable until 2020. Continued...