LONDON (MarketWatch) - U.S. stock futures were flat to weak on Wednesday as continued fears about the economy and health of financials and the auto industry dominated market sentiment.
S&P 500 futures fell a fifth of a point to 892.80 and Nasdaq 100 futures fell 7.75 points to 1,215.20. Dow industrial futures lost 17 points.
U.S. stocks dropped for a second straight day on Tuesday as outlooks from luxury home builder Toll Brothers Inc. and coffee retailer Starbucks Corp. illustrated softening consumer spending. The Dow industrials fell 176 points, the S&P 500 lost 20 points and the Nasdaq Composite dropped 35 points.
Wednesday's calendar is short on data, though Treasury Secretary Henry Paulson is due to give an update on the financial rescue package at 10:30 a.m. Eastern.
His comments are coming as Democrat leaders say they will push legislation to use the $700 billion bailout fund to rescue automakers General Motors , Ford Motor Co.and Chrysler.
Meanwhile, American Express reportedly wants $3.5 billion from the U.S. government, The Wall Street Journal reported.
Hypo Real Estate reached an agreement to get 50 billion euros from the German government.
More trouble in the financial sphere was seen from Prudential Financial , which cut its dividend by 50%. Another insurer, Swiss Life, cut its earnings forecast and halted its stock buyback program.
Oil futures continued to slide after closing below the $60-a-barrel mark for the first time since March 2007. Oil fell 98 cents to $58.35 a barrel.
The dollar slipped 0.4% to 97.20 yen.
The earnings docket features Macy's and after the close, Applied Materials and Computer Sciences .
The Nikkei 225 slipped 1.3% in Tokyo. In London, the FTSE 100 eased 0.2% in mid-morning trade.
