US pre-open: Futures trade lower ahead of PMI reading
Wall Street futures had stocks opening lower ahead of the bell on Wednesday after two days of solid gains for major indices and ahead of the Institute for Supply Management's non-manufacturing PMI.
As of 1210 BST, the Dow Jones futures were down 0.70%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.68% and 0.66% lower, respectively.
The Dow closed a whopping 825.43 points higher on Tuesday as investors looked to put a brutal Q3 for stocks in the rearview.
Investors will digest a number of data points due throughout the course of the day - the first cab off the rank being US mortgage applications, which fell 14.2% week-on-week in the seven days ended 30 September, according to the Mortgage Bankers Association of America.
Still to come, ADP employment change figures for September will be published at 1315 BST, August's balance of trade data will be on deck at 1330 BST, while S&P Global's September composite PMI and the ISM's non-manufacturing PMI will be published at 1445 BST and 1500 BST, respectively.
The yield on the benchmark ten-year Treasury note was up more than five basis points ahead of the open at 3.692%, while its two-year counterpart was little changed but remained inverted at 4.121%.
Also continuing to draw an amount of investor attention was news that Tesla chief executive Elon Musk had sent a letter to Twitter as part of an effort to reignite the pair's $44.0bn deal ahead of being deposed later in the week. The move was seen by some as a delaying tactic, with the social media giant said to be concerned that Musk was attempting to use the process to buy time.
No major corporate earnings were slated for release on Wednesday.
Reporting by Iain Gilbert at Sharecast.com