US futures follow global markets downward

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NEW YORK (AP) — U.S. stock futures are following global markets lower with one of the nation's biggest banks falling short of profit expectations for the quarter.

Dow Jones industrial futures are down 98 points to 14,587. S&P futures have lost 12.1 points to 1,556.60. Nasdaq futures are down 22.50 points to 2,805.50.

Shares of Bank of America fell more than 3 percent before the opening bell Wednesday even though its quarterly profit climbed from a year ago.

The bank posted lower net interest income, and cited lower consumer loan balances as well as lower asset yields because of low rates. Its earnings missed Wall Street expectations.

Global markets began falling early, with some expecting that Germany, Europe's biggest economy, could suffer a ratings downgrade soon.

Germany's DAX fell 1.2 percent while France's CAC-40 lost 1 percent.

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