Wall Street stocks were suffering a hangover Wednesday after the harshest day of selling in weeks, with investors looking ahead to Federal Reserve minutes and speakers for potential relief.
Dow Jones Industrial Average futures fell 12 points to 18,058, while S&P 500 index futures eased 0.9 point to 2,133.75. Nasdaq-100 futures fell 5 points to 4,822.
U.S. equities endured their biggest percentage drop since early September on Tuesday, driven by an 11% slump in shares of Alcoa Inc. (AA), which reported results that missed forecasts. The S&P 500 index dropped 1.2%, while the Nasdaq Composite Index slid 1.5%, shredded by losses for biotech stocks.
Falling oil prices and a strong dollar also drove Tuesday's declines. Crude oil prices were moderately higher on Wednesday. Meanwhile, investors looking for some dollar relief, as the British pound rose after the U.K. government backtracked on allowing scrutiny of its Brexit plans, easing fears of a "hard Brexit."
Fed on tap: Investor focus will zero in on minutes of the Federal Open Market Committee's September meeting, due for release at 2 p.m. Eastern Time. Views that the Fed might be more inclined to raise interest rates in December have been a big driver for the dollar, analysts pointed out.
"The developments in stance are usually rather subtle, but if this document offers up any fresh clues over policy, then we can expect another reaction from the U.S. dollar," said Tony Cross, market analyst for TopTradr, in a note to clients.
Cross said given that the ICE U.S. dollar index has been "pushing out to levels not seen since March, further gains here risk becoming a fresh point of contention in the race for the White House."
The dollar, which tends to gain in times of rising U.S. interest rates, is up 22% year-to-date.