U.S. futures were down 0.1%-0.2% across the board Wednesday morning following a dismal day of trading in the previous session.
World markets also struggled Wednesday, with the Shanghai Composite, Hang Seng and Nikkei falling 1.3%, 1.5% and 0.05%, respectively. In Europe, the FTSE 100 is leading the way down, off 0.6%, whille the DAX is falling 0.3% and the CAC 40 dropping 0.4% with about three hours left in trading.
Crude futures were also lower Wednesday morning with industry-standard Brent crude down $0.17 to $49.11 per barrel and West Texas Intermediate crude futures even at $48.31 per barrel.
Markets are awaiting the release of the latest Federal Open Market Committee minutes at 2 p.m. ET. Investors and analysts will be looking for any signs that the central bank is considering an interest rate hike in June.
Meanwhile, earnings season continues, with Staples (SPLS) reporting its quarterly results before the bell. The office supplies retailer was climbing in premarket trading after reporting earnings of $0.17 per share on revenue of $5.1 billion. Analysts on average were expecting EPS of $0.16 on revenue of $5.09 billion.
Fellow retailer Target (TGT) was getting slammed premarket, down 8%, following its latest earnings release. The company topped analysts' bottom-line expectations, but missed top-line and comparable-store sales estimates. Sales for stores open at least a year rose 1.2%, short of the consensus 1.6% market expectation.
Home improvement retailer Lowe's (LOW) was rising premarket following its earnings release. The company saw its quarterly profit rise 31.4% to $884 million, or $0.87 per share, beating estimates by $0.02. Revenue for the quarter rose nearly 8% to $15.23 billion, also topping estimates.
Lastly, shares of Hormel Foods (HRL) were higher premarket after the company raised its full-year guidance following strong fiscal second-quarter results. The packaged foods manufacturer reported a net income increase of 20% year over year to $215.4 million, or $0.40 per share. Revenue climbed 1% to $2.3 billion. It increased fiscal 2016 EPS guidance, for the second consecutive quarter, to between $1.56 and $1.60 from its previous view of between $1.50 and $1.56.