NEW YORK (AP) — Stock futures are falling as retailers begin to post quarterly earnings, the last direct assessment of the mood of the U.S. consumer before the holiday shopping season begins in earnest.
Markets overseas tumbled early Wednesday, however, with no bold economic reforms announced at the pivotal meeting of Communist Party leaders in Beijing.
Dow Jones industrial futures are down 62 points to 15,648. S&P futures have given up 5 points to 1,760.10. Nasdaq futures are down 14 points to 3,350.50.
Macy's surprised investors Wednesday, easily topping most expectations for the third quarter.
Investors have been leery about the health of retailers this year, with so many Americans unwilling to spend as they once had amid a painfully slow economic recovery.
Wal-Mart, Nordstrom and Kohl's report their quarterly earnings on Thursday.