By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- Stock futures traded choppy Wednesday, on the heels of the worst day for major averages in months, but investors were pinning some hopes for a reprieve on Federal Open Market Committee minutes and the unofficial kickoff for earnings season.

Futures for the Dow Jones Industrial Average (DJZ4) fell 13 points to 16,638, while those for the S&P 500 index (SPZ4) were flat at 1,926.40. Futures for the Nasdaq-100 (NDZ4)(NDZ4) eased 1.5 points to 3,954.75.

(NDZ4)(NDZ4)As part of Tuesday's carnage, the S&P 500 (SPX) dropped 1.5% to close at 1,935.1, and the Dow industrials (DJI) had the worst day of selling in more than two months. Some investors are concerned about the divergence between market caps, with the Russell 2000 (RUT) small caps down 7.5% year-to-date, but the S&P 500 still up nearly 5%.

Watch 200 DMA, watch Fed: The current weak spot for markets could continue Wednesday, said Wouter Sturkenboom, a London-based investment strategist at Russell Investment, in emailed comments. However, he added that much will depend on the outcome of the FOMC minutes, due at 2 p.m. Eastern Time. Split between hawks, doves to be evident in Fed minutes

That is the only item on the data calendar. Sturkenboom said investors will look to the start of earnings season to gauge whether it will provide an up or down direction. Alcoa (AA), the unofficial kickoff to the season, will report after the close on Wednesday. What to expect from Alcoa's earnings

Sturkenboom said to keep an eye on the 200-day moving average for the S&P 500 at 1,903, which could be a "possible inflection point". He added, "If we find some solid ground we will buy the dip," but said the small-cap retreat "looks set to keep going a bit longer." Market's October backdrop remains bearish

Stocks to watch:Yum Brands Inc.(YUM) fell in late trading after the company's profit and outlook missed estimates. The company slashed expectations for full-year growth in earnings per share to between 6% and 10%, from a prior estimate of at least 20%.

Kraft Foods Group Inc. (KRFT) could rise after the food company said Tuesday it's raising its quarterly dividend to 55 cents a share, from 52.5 cents.

Ahead of the open, Costco Wholesale Corp. (COST) surprised with a 13% rise in profit on growth in same-store sales and higher sales from membership fees.

Other markets: European stocks trended lower, with the German DAX 30 dropping below the key 9,000 level. Stocks in Russia and other emerging markets were also hit hard as Tuesday's growth warning by the International Monetary Fund about the global economy continued to reverberate. The case for not panicking over the global slowdown

The global rout was felt in Asia, where the Nikkei 225 index lost 1.2%.

Oil prices(CLX4) pushed another leg lower, trading around the $87-dollar-a-barrel level. On Tuesday in New York it finished at its lowest level for two years, also weighed by that IMF growth call. Gold(GCZ4) rose as stocks continued to struggle.

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