US pre-open: Futures point to heavy losses as weak manufacturing data remains in focus
US futures had stocks opening markedly lower on Wednesday following some dismal manufacturing figures released in the States during the previous session.
As of 1230 BST, Dow futures were down 1.28%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.23% and 1.13% lower, respectively.
The Dow closed 343.79 points lower on Tuesday after the ISM manufacturing index for September came in at its weakest level in a decade, declining to 47.8 from 49.1 in August, missing expectations for an increase to 50.1.
Donald Trump again took aim at the Federal Reserve after the report came out, claiming that a strong US dollar and high interest rates were to blame for the weak manufacturing numbers.
Oanda's Craig Elam said: "Sentiment is fragile after a series of weak PMI readings this week, with the US ISM number particularly shocking investors and sending stock markets tumbling.
"Naturally, Trump was quick to point the finger of blame at the Fed and try to divert the conversation away from the trade war and the clear impact it's having on global trade, with the survey's everywhere in troubling territory."
On the data front, following a hard month for mortgage rates, borrowers pounced as applications increased 8% week-on-week following a small dip in the 30-year fixed-rate, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 58% higher year-on-year.
Still to come, ADP employment figures for September will be published at 1315 BST, while crude oil inventories for the week ended 27 September will follow at 1530 BST.
In Fed speak, Thomas Barkin, Patrick Harker and John Williams will all make speeches throughout the course of the day.
In corporate news, tech stocks were leading the decline ahead of the bell, with Facebook, Amazon and Alphabet all sliding more than 0.5% in pre-market trade.
Acuity Brands and Lennar will both post their latest quarterly figures on Wednesday.