Stock futures drop on automaker woes, economic fears

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By Ellis Mnyandu

NEW YORK (Reuters) - Stock index futures fell on Wednesday as diminishing prospects for a U.S. auto industry government rescue added to worries about the slumping global economy.

U.S. investors, following Asian and European markets lower, showed diminishing appetite for risk and fled into safe-haven government bonds.

The upheaval rocking the U.S. auto industry was underscored

by an announcement from Toyota Motor Corp <7203.T> that the Japanese automaker will stop all of its North American factories for two days next month.

"Almost all the news is negative as you'd expect because the economy is slowing so much," said Rick Meckler, president of investment firm LibertyView Capital Management in New York. "There just doesn't seem to be a lot of positive points for optimists to point to."

S&P 500 futures fell 12.50 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slipped 94 points, and Nasdaq 100 futures were down 21 points.

With stocks struggling to shake off the gloom that has sent benchmark indexes to their lowest levels since 2003, investors' growing anxiety sent two-year U.S. Treasury yields to a five-year low amid a search for a safe haven in government debt.

U.S. auto executives from General Motors and other companies warned Congress on Tuesday that their industry was teetering on the brink of disaster as they pleaded for a $25 billion aid package despite political opposition to another multibillion-dollar government bailout. More hearings before a House committee are planned for Wednesday.

But even with nervousness about fallout from the economic slump, BJ's Wholesale Club Inc offered positive news as the warehouse club operator raised its full-year profit outlook.

Shares of financial services companies are among stocks to watch after J.P. Morgan Securities slashed its earnings estimates on Britain's banking sector and cut its share-price targets on several UK banks.

On the technology front, Goldman Sachs removed networking equipment maker Cisco Systems , a tech bellwether, from its "conviction buy list," according to theflyonthewall.com

Wednesday's economic calendar includes reports on October's Consumer Price Index, a key inflation gauge, and data on housing starts. Both reports are scheduled for release at 8:30 a.m..

The Federal Reserve is also due to release minutes of its recent policy-setting meeting later on Wednesday.

In Tuesday's session U.S. stocks staged a late fight back after a choppy session as upbeat results and outlook from computer maker Hewlett-Packard offset economic fears.

(Reporting by Ellis Mnyandu; Editing by Kenneth Barry)

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