UPDATED 7:20 ET

STOCKS – European stocks dropped after the Federal Reserve trimmed bond buying for a second straight meeting and companies posted results that missed analyst estimates. Asian shares slid, while U.S. stock-index futures were little changed.

BONDS – Treasury notes declined before $64 billion in debt auctions today amid concern yields near a two- month low will damp investor demand as the Federal Reserve reduces its purchases of the securities.

COMMODITIES – Crude Oil rose to its highest level in four weeks as cold weather in the U.S. boosted demand for heating fuel in the world’s largest oil consumer.

CURRENCIES – The US Dollar strengthened with the yen after the Federal Reserve scaled back its stimulus program of bond purchases that tend to weaken the greenback and emerging- market currencies extended declines.

ECONOMIC DATA – US Advance GDP and Unemployment Claims due at 8:30, Pending Home Sales at 10:00, Natural Gas Storage at 10:30, NZD Trade Balance at 16:45, RBNZ Gov Wheeler Speaks at 18:00, AUD PPI q/q at 19:30 ET.