U.S. futures slip ahead of data, Fed in focus; Dow Jones down 0.14%

U.S. stock futures pointed to a slightly lower open on Wednesday, as investors eyed the release of U.S. data later in the day amid ongoing uncertainty over the future of the Federal Reserve's stimulus measures. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.14% loss, S&P 500 futures signaled a 0.18% decline, while the Nasdaq 100 futures indicated a 0.10% fall. 

Markets were jittery amid uncertainty over the future direction of U.S. monetary policy after New York Federal Reserve President William Dudley defended last week’s decision by the Fed to keep its stimulus program on track.

Speaking Monday, Dudley said the pace of the U.S. economic recovery remains insufficient to start tapering the bank’s USD85 billion-a-month asset purchase program.

The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the bank’s stimulus program. 

Financial stocks were expected to remain in focus, following reports JPMorgan Chase resumed settlement talks with the U.S. after authorities prepared to sue the bank on Tuesday in California federal court. 

The bank is accused of misrepresented the quality of mortgage-backed securities it sold from 2005 to 2007. JPMorgan shares were down 0.24% in pre-market trade. 

The insurance sector was also likely to be active, after New York Life Insurance agreed to acquire a Dexia unit for USD512 million, as it expands its business of managing money for investors. 

Also in company news, Applied Materials slipped 0.26% in extended trading after the chipmaker, agreed to acquire Tokyo Electron for USD9.39 billion in stock, in the largest deal for a Japanese company from outside the country in six years. 

Elsewhere, Facebook shares slipped 0.10% pre-market after Hong Kong newspaper South China Morning Post reported on Tuesday that the social-networking giant, Twitter and other websites deemed sensitive and blocked by the Chinese government will be accessible in a planned free-trade zone in Shanghai. 

Other stocks likely to remain in focus included AutoZone and Bed Bath & Beyond, scheduled to report quarterly earnings later in the day. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 fell 0.14%, France’s CAC 40 slipped 0.27%, Germany's DAX declined 0.28%, while Britain's FTSE 100 edged down 0.15%. 

During the Asian trading session, Hong Kong's Hang Seng Index added 0.13%, while Japan’s Nikkei 225 Index slid 0.76%. 

Later in the day, the U.S. is to release data on durable goods orders, in addition to a report on new home sales.