US pre-open: Stocks seen weaker as investors mull Comey's firing

US futures pointed to a negative open on Wall Street as investors digested news that President Trump has fired FBI director James Comey.

At 1050 BST, Dow Jones Industrial Average futures were down 0.3%, while S&P 500 and Nasdaq futures were off 0.2% and 0.1%, respectively.

Meanwhile, oil prices were in the black ahead of the latest data on crude oil stocks from the Energy Information Administration at 1530 BST. West Texas Intermediate was up 0.9% to $46.32 a barrel and Brent crude was up 0.8% to $49.12.

Spreadex analyst Connor Campbell said: "While Comey’s shock dismissal doesn’t technically have any immediate consequences for the market, it is another reminder of the unpredictable and irresponsible nature of Trump’s governance."

In an unexpected announcement late on Tuesday, the White House confirmed that Comey had been removed from his position due to his handling of the inquiry into Hillary Clinton's email server. Trump's decision was made based on recommendations given by Attorney General Jeff Sessions and Deputy Attorney General Rod Rosenstein.

Critics of the decision to sack Comey pointed towards the intelligence chief's continuing investigation into alleged links between the Trump camp and Russia during last year's presidential election campaign.

In a letter written to the former FBI boss, Trump said that Comey was no longer able to perform his duties effectively. "While I greatly appreciate you informing me, on three separate occasions, that I am not under investigation, I nevertheless concur with the judgment of the Department of Justice that you are not able to effectively lead the bureau," Trump wrote.

In corporate news, Priceline was weaker in pre-market trade after it issued a weak earnings outlook late on Tuesday.

Fossil and Yelp were also likely to be in focus following uninspiring earnings late on Tuesday, while video game maker Electronic Arts was set to open higher following better-than-expected earnings. Walt Disney was also expected to trade up after stronger-than-expected earnings, despite a miss on revenue.

SodaStream and Wendy's were among the companies slated to report on Wednesday.

Elsewhere, investors will be eyeing a speech by Boston Federal Reserve President Eric Rosengren later in the session and the import and export price index at 1330 BST.