U.S. stock futures were lower ahead of the opening bell.
Bank of America (Fortune 500) posted higher first-quarter earnings of $2.6 billion, or 20 cents a share. Higher investment banking revenue was offset by lower mortgage banking income. ,
Intel (Fortune 500) shares edged lower in premarket trading as the chipmaker posted , earnings and sales in line with expectations. The company reported another decline in chip sales for PCs, however, with revenue from that business falling 6% compared to a year earlier.
Fairway Group Holdings, the parent of Fairway Market, priced an initial public offering at $13 a share -- above its estimated range. The company will start trading Wednesday under the ticker FWM.
In economic news, the Federal Reserve will release the April edition of its Beige Book, a survey of regional economies, at 2 p.m. ET.
Gold prices slid $3 to $1,384.40 an ounce. Prices had managed a modest recovery on Tuesday, a day after the biggest sell-off in decades.
European markets were weaker in morning trading, dropping for a fourth consecutive session, while Asian markets ended mixed. The Nikkei added 1.2%, while the Shanghai Composite and Hang Seng were little changed.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.38%|
|15 yr fixed||3.49%||3.42%|
|30 yr refi||4.47%||4.37%|
|15 yr refi||3.48%||3.41%|
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