US Stock Futures Point To Lower Opening Wednesday

Futures on major U.S. indices point to a lower opening Wednesday ahead of anticipated reports on the Mortgage Applications Index and Pending Home Sales.

Futures on the S&P 500 are down 0.91 percent, and Nasdaq 100 futures are down 0.95 percent. Futures on the Dow Jones Industrial Average are down 0.77 percent.

Investors are likely to focus on the Mortgage Applications Index and Pending Home Sales reports, which are due to be announced later Wednesday. The Mortgage Bankers Association (MBA) Mortgage Applications report, which measures the change in the number of new applications for mortgages backed by the MBA, will be reported for the week ending May 26. The National Association of Realtors (NAR) will announce the Pending Home Sales Report, which measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.

On Tuesday, U.S. markets were up as media reports that the Chinese government was expected to take measures to lift its economic growth offset worries about Spanish debt in the euro zone. The Dow Jones industrial average rose 1.01 percent, the S&P 500 Index climbed 1.11 percent and the Nasdaq Composite Index was up 1.18 percent.

All major European indices were in the red on Wednesday as the worrisome condition of Spain's banking sector added to the debt crisis looming over the euro zone. London's FTSE 100 index was down by 63.40 points, Germany's DAX fell by 56.95 points and France's CAC 40 declined by 35.48 points.

Asian market fell Wednesday amid Spanish banking sector woes and a report that China has no plans of implementing strong stimulus measures to lift its economic growth. Going against the earlier media reports, Xinhua News Agency reported that the Chinese government did not have any plans of introducing measures to regain the growth momentum, which dragged down the investor sentiments.