U.S. stock index futures are trading relatively flat this morning, while overseas trading followed the U.S. lead from yesterday and sold off (fueled by a selloff in oil). Worries over the timing of the Fed interest rate hike and on whether China's economy will be able to get back on the growth track continue to be at the forefront of investors' minds. The Shanghai Composite Index closed the day down 1.45%.
In other overseas news, Standard & Poor's cut its credit rating on Brazil to junk status, saying the country's rating remains on a slippery slope. This is the first time since 2008 that Brazil debt is again junk rated. Separately, weak Japanese machinery orders sent that market lower after yesterday's strong rally.
In M&A news, XPO Logistics (XPO) has announced that it will acquire Con-Way (CNW) for $3 billion.
Some earnings reports of note today include: LululemonAthletica (LULU), Finisar (FNSR), Zumiez (ZUMZ), and Restoration Hardware (RH).
On the domestic economic front, at 8:30 a.m. the Initial Jobless Claims were released and the data showed they fell last week, underlying the recovery in employment. At 9:45 a.m. the September Bloomberg Consumer Comfort report is released, with July Wholesale Inventories expected at 10 a.m. and the EIA natural-gas storage change at 10:30 a.m. with the DOE Energy Inventories set to follow at 11 a.m.