Futures lower on global growth worry, JPMorgan results

Wed Jan 14, 2015 7:39am EST
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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...

Traders work on the floor of the New York Stock Exchange January 13, 2015. REUTERS/Brendan McDermid