NEW YORK (AP) – U.S. stock futures are falling ahead of a second day of testimony from Fed Chairman Ben Bernanke as a global slowdown manifests itself in a number of corporate earnings reports.
Bank of America’s earnings topped most Wall Street expectations for the second quarter Wednesday, though revenue fell short.
After the market closed Tuesday, Intel said a slowing global economy cut into its second quarter and warned that revenue this quarter will likely fall short of expectations.
The slowdown is more evident in China, where some of the country’s biggest corporations are warning of profit declines nearing 80 percent.
