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NEW YORK (CNNMoney)
U.S. stock futures were edging higher, looking to recover from a sharp drop Tuesday when lawmakers in Washington wrangled over the budget deal. Both the Dow Jones Industrial Average and the S&P 500 were up by roughly 0.4% ahead of the open.
Investors remain cautious as they wait to see if lawmakers will come to an agreement before Thursday's debt ceiling deadline. A failure to reach an agreement could trigger a default on U.S. debt and chaos in global markets.
Rating agency Fitch put the U.S. on notice Tuesday afternoon, warning it could downgrade America's AAA credit rating, citing the "political brinkmanship" on display in Washington.
Related: Fear & Greed Index
Meanwhile, in corporate news, firms including Bank of America (BAC, Fortune 500), BlackRock (BLK, Fortune 500) and PepsiCo (PEP, Fortune 500) are due to release quarterly results before the opening bell Wednesday. American Express (AXP, Fortune 500), IBM (IBM, Fortune 500) and eBay (EBAY, Fortune 500) are set to report after-hours.
After the bell Tuesday, Twitter announced plans to list on the New York Stock Exchange.
Intel (INTC, Fortune 500) shares slipped in premarket trading Wenesday after the chipmaker issued a pessimistic outlook for the rest of 2013 and lowered its profit forecast in its after-hours earnings report Tuesday.
European markets were under pressure in morning trading as investors around the world fret about the political mess in Washington.
Asian markets ended with mixed results, as investors adopted a wait-and-see mentality.
First Published: October 16, 2013: 5:12 AM ET
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