By Anora Mahmudova and Barbara Kollmeyer, MarketWatch Strategist: 2,040 proving a tough barrier for the S&P 500

NEW YORK (MarketWatch) -- Stock futures fell Wednesday, an indicator that major indexes might struggle to log a sixth consecutive session of record highs as European stocks and oil prices fall.

Citigroup Inc. and J.P. Morgan Chase & Co. could come under pressure after U.S. and other regulators slapped those banks and three others with fines totaling more than $3 billion over foreign-exchange manipulation.

Extending earlier losses, futures for the Dow Jones Industrial Average (DJZ4) fell 75 points, or 0.4%, to 17,493, while those for the S&P 500 index (SPZ4) shed 8 points, or 0.4%, to 2,028. Futures for the Nasdaq-100 index (NDZ4) fell 14.5 points, or 0.4%, to 4,168.

Volumes are expected to pick up Wednesday after bond markets and government offices were closed Tuesday in observance of Veterans Day. Stocks finished Tuesday's session flat, but both the S&P 500 (SPX) and the Dow industrials (DJI) recorded fifth-straight record closes.

A roadblock for the S&P 500: Chris Beauchamp, market analyst at IG, said 2,040 has proved to be a barrier for the S&P 500. "Technical indicators still point to a market that is overbought and looking to pause for breath, with the quieter mid-November period providing an ideal time for a brief consolidation," Beauchamp said in a note. (Also see: Charting a strong bull trend with room to run http://www.marketwatch.com/story/charting-a-strong-bull-trend-with-room-to-run-2014-11-11-12103813.)

Philadelphia Fed President Charles Plosser said interest rates should be raised "sooner rather than later," repeating a familiar message. In a speech in London, he said rising rates aren't inconsistent with a continuing recovery. Plosser is a voting member of the Fed policy committee.

Minneapolis Fed President Narayana Kocherlakota, a voting member of the Fed's policy committee, will give a luncheon talk in Eau Clare, Wisconsin.

U.S. wholesale trade data for September, Wednesday's only important economic data release, are due at 10 a.m. Eastern.

Need to Know: Santa rally is on track, barring another euro crisis

Retailers, banks in the spotlight:Macy's Inc.(M) cut its earnings and sales guidance for the year after posting a disappointing third-quarter sales performance. Shares were higher in premarket, however.

Shares of Fossil Group Inc.(FOSL) rose 10% in thin premarket trade after the company topped expectations with third-quarter results and renewed a licensing agreement with Michael Kors Holding Ltd. (KORS).

J.M. Smucker Co.(SJM) shares dropped more than 5% as the company cut its outlook for the year after its Folgers coffee brand suffered a decline in sales driven by consumers avoiding higher prices.

Shares of Susquehanna Bancshares (SUSQ) jumped 34% in premarket trade after the company agreed to be bought by BB&T Corp. (BBT) in a cash and stock deal valued at $2.5 billion.

Shares of Citi(C) and J.P. Morgan Chase & Co.(JPM) could see pressure after U.S., Swiss and British regulators fined those banks and three others $3.3 billion in total over allegations they tried to manipulate the foreign exchange market. Read: "Have that my son", "Bravo" -- chat logs from FX probe revealed (and it's no boring read)

Bank stocks fell in London, with shares of HSBC Holdings PLC (HSBC) -- among those banks fined over currency manipulation -- down 0.8%. Asia stocks largely rose, with the China Shanghai Composite Index gaining 1% to close at an almost three-year high.

Oil remains under pressure: Oil prices came under pressure again, with WTI crude (CLZ4) dropping 0.8% as the market continued to fret about oversupply. Gold prices (GCZ4) were flat and the dollar(USDJPY) held on to the Yen115 level as the market awaited news on whether Japan will delay a planned sales tax increase.

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