LONDON (MarketWatch) - U.S. stock futures headed back in a down direction Wednesday, with data on tap expected to show slumping housing starts and dropping consumer prices.
S&P 500 futures fell 11.4 points to 855.10 and Nasdaq 100 futures lost 17.5 points to 1,156.50. Dow industrial futures fell 94 points.
U.S. stocks ended higher on Tuesday, thanks to upbeat results from Hewlett-Packard and better-than-forecast results out of Home Depot. The day also featured executives at U.S. automakers asking for Congressional aid and Treasury Secretary Henry Paulson saying he want to leave the remaining money under the Troubled Asset Relief Program for the new administration.
The Dow Jones Industrial Average rose 151 points, the Nasdaq Composite added a point and the S&P 500 rose 8 points.
According to TrimTabs Investment Research, new stock buybacks have averaged $400 million a day during the prior seven trading days, down almost 90% from daily new buybacks during November and December 2007.
TrimTabs said firms aren't buying back their own stock because of declining free cash flow.
Wednesday's calendar includes housing starts and consumer prices for October. Weekly energy inventory also is due.
Economists polled by MarketWatch a 0.9% drop in October prices and housing starts to fall 5% from September's levels.
At 2 p.m., the Fed will release the minutes from its last meeting in which it cut rates by a half percentage point. Futures are pricing in another 50 point cut in December. Fed Vice Chairman Donald Kohn and Richmond Fed President Jeffrey Lacker, who gets to vote on rate decisions next year, also are due to deliver speeches.
In the U.K., a one-and-a-half percentage point cut was unanimously approved, minutes released Wednesday by the Bank of England showed.
Results are due from LDK Solar , BJ's Wholesale Club and Hot Topic among others.
KLA-Tencor may rise as the chip equipment maker said it would cut 15% of its 6,000-person workforce.
The Nikkei 225 dropped 0.7% in Tokyo while the FTSE 100 rose 0.2%.
Crude oil futures eased 44 cents to $53.95 a barrel and the dollar held to a tight range vs. rivals.
