Wall Street heads for weak open

NEW YORK (CNNMoney.com) -- Stocks were poised to fall at Wednesday's open, as investors worry that it still may take some time before the economy fully recovers.

S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower, showing little reaction to the report on durable goods orders for September.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street finished Tuesday's session mixed as the Nasdaq slumped and the Dow managed a small gain. Investors weighed a selloff in tech, a rally in energy and a surprise drop in consumer confidence.

Todd Leone, head trader at Cowen & Co. in New York, said that stocks "took it on the chin a little bit these last couple days," partly because "earnings were decent in the beginning and now they're kind of mixed."

But the most serious factor in causing the futures slump are the published reporters that GMAC needs more federal money, he said.

"I think the big story is that GMAC is borrowing money again, which isn't good," said Leone. "It's just like, how many times are you going to beg for money?"

GMAC bailout: GMAC Financial Services is seeking a third round of bailout funds from the Treasury Department ranging from $2.8 billion to $5.6 billion, according to the Wall Street Journal.

Economy: The government reported Wednesday that orders for durable goods rose 1% in September, matching expectations from a consensus of economists surveyed by Briefing.com. That compared to the prior month, when orders declined 2.6%.

Investors are gearing up for Thursday's first reading on third-quarter GDP -- the broadest measure of the economy -- for signs of how strong the recovery may be. Economists are forecasting that gross domestic product grew at a 3.2% clip in the third quarter. That would end four consecutive quarters of the most severe economic decline since the Great Depression of the 1930s. But a weak consumer market could prevent a robust recovery.

A report on new home sales comes out at 10 a.m. ET. A total of 440,000 units is expected as the annual rate of new home sales in September, according to Briefing.com consensus.

More pay caps: Kenneth Feinberg, the so-called pay czar of the Troubled Asset Relief Program, said Tuesday that the next round of executive pay decisions for TARP recipient companies in December will have a more lasting impact on pay practices nationwide.

Just last week, Feinberg imposed caps on executives in the top 25 positions at seven TARP companies.

World markets: European and Asian shares tumbled as worries about the pace of an economic recovery once again took center stage.

Oil and money: Oil for December delivery slipped 49 cents to $79.06 a barrel in the early going as investors awaited the latest reading on crude inventories from the Energy Information Administration due out at 10:30 a.m. ET.

The dollar was mixed against major international currencies: rising against the euro and the pound, but falling versus the yen.