09:23 AM EDT, 10/23/2024 (MT Newswires) -- US stocks look set to open lower in Wednesday's trading session ahead of existing home sales figures, crude oil inventories, and a speech by Federal Reserve board member Michelle Bowman.

The Dow Jones Industrial Average futures were down 0.6%, S&P 500 futures were off 0.3%, and Nasdaq futures were moving 0.4% lower.

Existing home sales for September, released by the National Association of Realtors, are expected to rise to 3.88 million from 3.86 million in August, according to Bloomberg. The report can be an indicator of the US housing market's condition as well as a gauge of overall economic strength.

Crude oil inventories from the Energy Information Administration, which measures the weekly change in the number of barrels of commercial crude oil held by US firms, are expected to come in at 700,000, compared with -2.2 million the previous month, according to Bloomberg.

US Federal Reserve's Bowman is speaking at the Eighth Annual Fintech Conference, with investors looking for hints on the Fed's future considerations regarding interest rates. Bowman had dissented the Federal Open Market Committee's decision to cut rates.

Oil prices were tumbling lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude falling 1.7% and 1.8%, respectively.

In other world markets, Japan's Nikkei declined 0.8%, Hong Kong's Hang Seng rose 1.3%, and China's Shanghai Composite was up 0.5%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was down 0.6%, while Germany's DAX and France's CAC were off 0.2% and 0.7%, respectively.

In equities, shares of Virax Biolabs Group ( VRAX ) were up 70% after the company said Wednesday that its Cambridge Bioscience unit signed a distribution deal with Europa Biosite to commercialize the company's ImmuneSelect Research Use portfolio in the UK and Ireland. DBV Technologies' ( DBVT ) stock was 61% higher in Wednesday's premarket session after the company reported late Tuesday positive regulatory updates for its Viaskin Peanut Patch in the US and Europe. Spirit Airlines' ( SAVE ) shares were up 30% after The Wall Street Journal reported, citing sources, that Frontier Group (ULCC) is exploring reviving its bid for the airline and that the companies have held early-stage discussions for a possible merger.

On the losing side, shares of Alto Neuroscience ( ANRO ) were down 63% after the company said late Tuesday that a phase 2b study of ALTO-100 in patients with major depressive disorder failed to meet its primary endpoint. Genprex ( GNPX ) stock was 18% lower after rising nearly 138% the previous session. Constellium (CSTM) shares were down 17% after the company reported lower Q3 earnings and revenue that also missed Capital IQ analysts' expectations. Shares of Enphase Energy ( ENPH ) fell 16% after the company overnight reported lower Q3 non-GAAP earnings and revenue that also trailed analyst estimates.