U.S. futures were falling premarket, setting an ominous tone for trading on Wednesday, one session after all three indices closed trading up 1.3%. The S&P 500, Nasdaq and Dow Jones Industrial Average were all falling 0.2% premarket.
Asian markets fared well in trading today, with the Nikkei rising 0.1% and the Shanghai Composite climbing 0.2%, though the Hang Seng experienced a drop of 0.9%. Indices were down across the board in Europe, with the CAC 40 falling 0.9%, the Dax dropping 0.8% and the FTSE 100 declining 0.2% with about three hours left in trading.
Crude oil prices were doing their part to lift markets, with Brent crude futures contracts for July delivery climbing $0.34 to $45.86 a barrel and West Texas crude contracts for June delivery falling $0.10 to $44.76 a barrel.
Shares of Staples (SPLS) were down 15% premarket after the company ended its bid to purchase rival Office Depot (ODP): A federal judge sided with the Federal Trade Commission and issued an injunction against the merger. The judge's decision gave the FTC the grounds to officially block the merger in a prolonged internal hearing. Office Depot shares were down 35% premarket.
Shares of Disney (DIS) were down premarket following the media company's latest earnings release after the closing bell on Tuesday. The company missed analysts' bottom line estimates by $0.04 a share, falling short of profit expectations for the first time in five years. Revenue for the period rose 4% to $12.97 billion, also missing analysts' guidance of $13.2 billion.
Macy's (M) shares were tumbling premarket after the retailer cut its full-year profit expectations to between $3.15 and $3.40 per share from its previous view between $3.80 and $3.90 per share. The move comes after the company reported mixed first-quarter results, beating bottom line expectations but missing on revenue.
Toyota Motor (TM) shares could face negative pressure today after the Japanese car company warned that net profit would fall by more than a third in the current fiscal year due, in part, to a strengthening yen. "Until now, we benefited from currencies and our profits expanded beyond our actual capabilities. But since the beginning of this year, the tide has greatly shifted," said Toyota President Akio Toyoda.
Finally, the market will be watching Chipotle Mexican Grill (CMG) as its annual meeting gets underway today. The company already announced that it has hired two leading food safety experts following the recent E.coli outbreaks.