Stocks: 5 things to know before the open

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Get ready for another drop.

Stock markets have fallen for the last three days and the run looks set to continue Wednesday.

Here are the five things you need to know before the opening bell rings in New York:

1. Weaker global growth: The World Bank has slashed its forecast for the global economy over the next two years, predicting growth of 3% this year and 3.3% in 2016.

In its last forecast in June, the organization had predicted global growth of 3.4% in 2015 and 3.5% in 2016.

2. Commodities take a beating: Prices for most major commodities -- including gold, silver, nickel and zinc -- are falling, but copper prices are taking the biggest tumble.

U.S. copper futures are down 6% early Wednesday. Prices have fallen by about 15% since the start of the year. Oil prices continue to drop.

Related: Fear & Greed Index

3. Stocks in the red: U.S. stock futures are firmly in negative territory.

Major European markets are all declining by about 1% in early trading, with mining companies taking a major beating. Asian markets ended with losses.

4. Earnings and economics: JPMorgan Chase (JPM) and Wells Fargo (WFC) will report quarterly earnings before the opening bell.

Burberry (BURBY) just provided a quarterly trading update in London, reporting sales surged in the last three months of 2014. But the company also noted that Hong Kong sales were disrupted by last year's pro-democracy protests.

On the data front, the Census Bureau will report December's retail sales number at 8:30 a.m. ET.

At 2 p.m. the U.S. Federal Reserve will release its latest Beige Book

5. Tuesday market recap: Tuesday was the third consecutive day of declines in the stock market. Stocks had originally jumped in the morning but then fell back to earth.

The Dow Jones industrial average gave back 27 points, while the S&P 500 lost 0.3% and the Nasdaq slid 0.1%.

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