Stock futures were pointing to losses at the open on Wednesday as results from Target (TGT) and a decline in European equities weighed on U.S. futures.
Near 7:40 a.m. ET, Dow futures were off 0.6%, S&P 500 futures were down 0.8%, and Nasdaq futures were down just under 1%.
The big week for retail results rolled along on Wednesday morning, with Target's quarterly earnings missing expectations as its key same-store sales measures rose 2.6% against expectations for a 2.8% increase in the second quarter.
These results come after Walmart (WMT) reported a better-than-expected quarter on Tuesday, lifting some investor hopes consumer spending may remain durable in the face of rising prices.
On a call with reporters early Wednesday, Target emphasized its optimism for the upcoming holiday season, and said its needed inventory adjustments weighted on second quarter results.
Target shares were down 3% in pre-market trading.
Later this morning, investors will also digest key retail sales data from the Commerce Department, which is expected to show sales rose 0.1% last month after a surprise 1% increase in June.
Elsewhere, investors will continue to keep a close eye on energy markets, with WTI crude oil futures settling at their lowest level since January 25 on Tuesday. Early Wednesday, WTI futures were down another 0.2%.
The meme stock rally also continued early Wednesday, with shares of Bed, Bath & Beyond (BBBY) up another 23% in pre-market trading after shares rallied 29% on Tuesday. During Tuesday's trading session shares were halted at least twice for volatility.
After the market close on Tuesday, Ryan Cohen's RC Ventures disclosed it holds call options on 1.6 million shares of Bed, Bath & Beyond, with strike prices between $60-$80. Shares were trading at around $25 early Wednesday.
Elsewhere in market oddities, Elon Musk was at it again late Tuesday, tweeting that he was going to buy English football club Manchester United (MANU) before clarifying the tweet was a joke. Man U has started its Premier League season with two embarrassing losses and currently sits in last place.
The S&P 500 on Tuesday also traded up to its 200-day moving average, a long-term technical indicator that broadly points to a security's overall trend. The S&P's 200-day is currently declining and stands at around 4,323, a level the index hit on Tuesday and immediately traded lower from before closing at 4,305.
This post will be updated.
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