Stock futures point to lower Wall Street open Stock index futures pointed toward a lower start on Wall Street Wednesday as investors grow increasingly wary about the economic recovery. The stock market's two-week market rally is on hold after earnings reports and the Conference Board's reading on consumer confidence fell short of expectations. Amid investors' growing caution, the markets appeared unmoved by the Internet search deal announced between Microsoft Corp. and Yahoo Inc. Traders brushed off gains in overseas markets, which rose on generally positive earnings from leading industrial companies. Investors are waiting for the Federal Reserve's latest assessment of business conditions around the nation and the Commerce Department's report on June durable goods orders. In one of the day's first earnings reports, media conglomerate Time Warner Inc. said its second-quarter profit fell 34 percent on lower revenue in the company's publishing, movie and online properties. Its earnings topped estimates but revenue fell short of projections. Sprint Nextel Corp. joined in with disappointing news. The nation's third-largest wireless provider said its loss widened in the second quarter as revenue and subscribers continued to decline. Ahead of the opening bell, Dow Jones industrial average futures were down 29, or 0.3 percent, at 9,021. Standard & Poor's 500 index futures were down 4.20, or 0.4 percent, at 971.70, while Nasdaq 100 index futures were down 5.00, or 0.3 percent, at 1,596.50. Investors have decided to put their two-week market rally that began with strong earnings and economic news on hold. After such a huge advance that saw major indexes climb more than 11 percent, the market has gotten more cautious. A handful of disappointing earnings reports earlier in the week reminded investors that an economic recovery may not come as fast as hoped. The Federal Reserve releases its beige book report at 2 p.m. EDT. The report is a regional snapshot of economic activity. And the Commerce Department is expected to report that orders to U.S. factories for big-ticket manufactured goods dropped 0.6 percent in June, according to the consensus view of economists surveyed by Thomson Reuters. The report is expected at 8:30 a.m. EDT. Investors are also awaiting earnings reports from companies including oil producer ConocoPhillips Co., Royal Caribbean Cruises Ltd. and credit and debit card company Visa Inc. Later in the week, companies including Walt Disney Co., Exxon Mobil Corp., Colgate-Palmolive Co. and Dow Chemical Co. are scheduled to report second-quarter results. Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.66 percent from 3.69 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.19 percent from 0.17 percent late Tuesday. The dollar rose against other major currencies, while gold prices fell. Overseas, Japan's Nikkei stock average rose 0.3 percent. In afternoon trading, Britain's FTSE 100 was up 0.9 percent, Germany's DAX index was up 1.9 percent, and France's CAC-40 was up 1.8 percent.

Source