U.S. futures edge lower, stimulus hopes linger; Dow Jones down 0.24%

Investing.com - U.S. stock futures pointed to a moderately lower open on Wednesday, but sentiment remained mildly supported as investors continued to hope for further action by the Federal Reserve and the European Central Bank to boost growth.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.24% fall, S&P 500 futures signaled a 0.28% decline, while the Nasdaq 100 futures indicated a 0.11% loss.

A Federal Reserve official on Tuesday kept alive hopes for central bank intervention by saying the Fed should launch an aggressive bond-buying program to aid the economy until unemployment begins to fall.

Meanwhile, markets were eyeing the ECB amid expectations the bank will soon take steps to help lower Spanish and Italian borrowing costs, after bank head Mario Draghi indicated last week that the ECB may restart its bond buying program.

The ECB said action would be conditional on euro zone governments experiencing difficulty on bond markets activating the bloc’s bailout funds to purchase government bonds and accepting strict conditions and supervision.

Among earnings news, fruit and vegetable distributor Chiquita Brands International was expected to be active after saying that its quarterly revenue exceeded expectations, as selling prices of bananas fell and sourcing costs rose, sending shares up 14.58% in after hour trade.

The company also said it plans to cut expenses.

Meanwhile, dairy company Dean Foods saw shares skyrocket 26.81% in late trading, after reporting a stronger-than-expected quarterly profit on broad-based growth and cost controls.

Pharmaceutical companies were also likely to be in focus, as Vivus, whose drug Qsymia recently became the second obesity pill to get U.S. approval in more than a decade, reported a larger-than-expected second-quarter loss, as it spent more ahead of marketing the newly-approved product.

Shares tumbled 1.86% in after hour trade.

Warner Chilcott, specialized in women’s health and dermatology, plunged 5.74% after saying it ended efforts to find a buyer for the company.
Warner Chilcott was reportedly set to renew a USD250 million share buyback program.

In entertainment, Walt Disney was expected to move during Wednesday’s session, after announcing that net income jumped 24% in the third quarter, buoyed by the film hit “Marvel’s The Avengers,” although revenue fell short of analysts’ estimates. Walt Disney shares dropped 0.82% in late trading.

Other stocks in focus included Liberty Media, Macy’s, Ralph Lauren and Computer Sciences, all due to report earnings later in the day.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.50%, France’s CAC 40 declined 0.45%, Germany's DAX retreated 0.42%, while Britain's FTSE 100 fell 0.46%.

During the Asian trading session, Hong Kong's Hang Seng Index eased 0.04%, while Japan’s Nikkei 225 Index climbed 0.88%.

Later in the day, the U.S. was to release preliminary data on nonfarm productivity, followed by a government report on crude oil inventories.