Durable Goods, New Home Sales, Auctions

Shares in the S&P 500 have fallen for three consecutive days and on Wednesday futures are extending those losses ahead of fresh data and more Q3 earnings. About two hours before the open the S&P looks to open nearly 6 points down, after trimming 3.4 points yesterday. 

While investors wait for the durable goods report, which is expected to advance in September, sentiment will remain skittish as investors open up the Wall Street Journal to learn that GM’s financing arm, GMAC, is seeking more taxpayer aid.

“The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008,” the Journal reported, citing people familiar with the matter. “The latest infusion would come in the form of preferred stock. The government's 35.4% stake in the company could increase if existing shares eventually are converted into common equity.”

Half an hour into today’s session markets will then focus on the housing market as the latest numbers for new home sales are released. It too should see a rise, so based on data it would seem that markets could rebound today. But earnings could be a different story.

Meanwhile, we’re midway through the Treasury’s record $123 billion weekly auction. Another $41 billion will be sold off today in 5-year Notes. BMO economist Jennifer Lee notes that yesterday’s 2-Year auction “was well received, suggesting that there remains an appetite for U.S. paper.”

Wednesday:

8:30 â€