Futures lower, Chinese annual growth figures - what's moving markets

investing.com:

Investing.com -- U.S. futures point lower on Wednesday, with traders gauging the potential for Federal Reserve interest rate cuts this year following a hawkish statement from a top official at the central bank. Elsewhere, Walt Disney (NYSE:DIS) rejects a raft of nominees to its board put forward by activist investors, while headwinds against the Chinese economy loom despite the country posting annual growth that beat Beijing's target.

1. U.S. futures slip

U.S. stock futures were lower on Wednesday, pointing to an extension in losses posted in the prior session, as investors weighed fresh commentary about the Federal Reserve's potential interest rate path this year.

By 05:10 ET (10:10 GMT), the Dow futures contract had shed 139 points or 0.4%, S&P 500 futures had fallen by 21 points or 0.4%, and Nasdaq 100 futures had dropped by 97 points or 0.6%.

The main averages in New York dipped on Tuesday, with traders reacting to hawkish language in a closely-watched speech from a top Fed official (see below). A slide in banking stocks following mixed earnings from Wall Street giants Goldman Sachs and Morgan Stanley dragged down the benchmark S&P 500 by 0.4%.

The tech-heavy Nasdaq Composite also moved lower by 0.2%. Apple (NASDAQ:AAPL), one of the index's largest components, declined by 1.2% on news that it was offering discounts on its megapopular iPhone device in China in a bid to combat fierce domestic competition.

Highlighting the economic data calendar today will be the release of December U.S. retail sales. Analysts at ING say a strong month-on-month reading could call into question the market's current pricing of a 62% chance of a Fed rate cut in March.

2. Fed's Waller further douses hopes for imminent rate cuts

Fed