Stocks Adrift

from WSJ:
U.S. stock futures pointed to a lower open Wednesday, following weak sessions in Europe and Asia as fears over global growth continued to dent investor sentiment.
More than two hours before the start of trading, Dow Jones Industrial Average futures were 26 points lower at 9656. The S&P 500 futures slipped 2.9 points to 1021.3 and Nasdaq 100 futures fell 11.5 points to 1723. Changes in futures do not always accurately predict early market moves after the opening bell.
On Tuesday, the main U.S. stock benchmarks survived a late afternoon selloff after disappointing ISM nonmanufacturing data underscored concerns over global growth. The Dow Jones Industrial Average finished up 57.14 points, or 0.6%, at 9743.62, to snap a seven-session losing streak, led by consumer discretionary stocks.
Jim Reid, strategist with Deutsche Bank, said the ISM data weighed on overseas markets overnight.
"This disappointing data and also the uncertainties around what will be (or not be) disclosed around the stress test seems to have kept risk takers on the back foot overnight," he said in a note to investors.
European shares were weak, especially among resource stocks. Asian markets were mostly lower after weak U.S. data refueled worries about the strength of the global economic recovery.
"It's the same story from before; the market can't free itself from recent worries about slowing growth in the U.S. and China," said Samsung Securities analyst Oh Hyun-seok in Seoul. "The U.S. market's weakness toward the end of (Tuesday's session) is also negatively affecting sentiment."
There are no major economic reports due out Wednesday that could help shake the market from its recent doldrums by providing a sign that strong growth is imminent. The Labor Department will release its weekly report on initial jobless claims and retailers will disclose monthly June sales results on Thursday.
Those reports could provide a spark for stocks because high unemployment and slowing consumer spending remain the biggest stumbling blocks to a stronger rebound.
Major indexes have fallen in recent months following a steady stream of economic reports that have fallen short of forecasts. The data does show the economy is growing, though not as fast as investors had hoped earlier this year. Private spending hasn't been able to make up for the inflated growth that came from government stimulus programs like the home buyer tax credit that expired at the end of April.
The dollar rose against the euro, changing hands around $1.2570. Gold futures were down $8.30 to $1,186.80 an ounce, while crude oil futures fell four cents to $71.94 a barrel.