Stock Futures Sink on Fed Pullback Talk as IBM Falls
NEW YORK ( TheStreet) -- U.S. stock futures were diving Wednesday alongside international markets amid speculation that the Federal Reserve could begin winding down its $85 billion per month bond-purchasing program as early as September.
Futures for the S&P 500 were falling 8.25 points, or 6.92 points below fair value, to 1,685.75. Futures for the Dow Jones Industrial Average were sinking 74 points, or 56.74 points below fair value, to 15,400. Futures for the Nasdaq were dipping 12 points, or 10.5 points below fair value, to 3,106.
Also weighing on the market was a slide in IBM
The stock fell 2.1% to $191.40 on Tuesday after a downgrade from Credit Suisse .
Atlanta Fed Bank President Dennis Lockhart said Tuesday that the central bank could begin tapering its bond-buying program as early as September, though this wasn't set it stone, pending more economic data.
Even one of the most aggressive supporters of the Fed's massive stimulus program, Chicago Fed President Charles Evans, said Tuesday that labor market conditions have improved and suggested as well the possibility of tapering beginning in September.
Economic reports to be released Wednesday include consumer credit figures at 3 p.m. EDT Consumer credit is expected to have increased by $15 billion in June after rising by $19.6 billion in May, according to a survey of economists by Thomson Reuters.
Cleveland Fed Bank President Sandra Pianalto will give a speech in Cleveland at 1:40 p.m.
On the earnings front, Media giant Time Warner
21st Century Fox