What goes up, must come down.
U.S. stock futures are taking a step back after all the main indexes surged by 1.3% on Tuesday. European stock markets are also dipping lower.
Here are the five things you need to know before the opening bell rings in New York:
1. Paper cuts: Shares in Staples (SPLS) and Office Depot (ODP) are crashing in premarket trading after they called off their merger plans.
The Federal Trade Commission said last year that combining the two companies would give them too large a chunk of the office supply retail market -- which would violate antitrust laws.
2. Other market movers -- Disney, Fossil, Electronic Arts: Shares in Disney (DIS) could slump at the open after the company reported second quarter results that missed expectations. The firm's cable networks, parks and resorts dragged down earnings.
Fossil Group (FOSL) shares are set to crash when trading commences Wednesday after the company reported disappointing earnings and noted that the strong U.S. dollar was hurting sales.
Shares in the video games developer Electronic Arts (EA) look set to rise after the company reported better-than-expected earnings.
3. Earnings and economics: There are a few earnings and economic updates investors will be watching Wednesday.
Wendy's (WEN) and Macy's (M) are among the main companies releasing quarterly results before the open.
The weekly crude oil inventory report from the U.S. Energy Information Administration is set to be released at 10:30 a.m. ET.
Then Weibo (WB), a Twitter-like service in China, is among the key firms reporting after the close, alongside its parent company Sina (SINA).
4. Toyota sputters: Toyota (TM), the world's biggest automaker, is forecasting an $8.6 billion hit to its profits because of the strengthening Japanese yen.
Toyota it expects operating profit to tumble 40% in the current financial year. The news came after Japan's markets closed.
5. Watching Brazil: Senators are voting Wednesday to impeach President Dilma Rousseff, who is accused of hiding a budget deficit to win re-election in 2014. Should the vote pass, Rousseff will have to step down for up to 180 days while the impeachment claims are investigated.
The embattled Rousseff said Tuesday evening that she intends to continue in office through her elected term, which runs to the end of 2018.
