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NEW YORK (CNNMoney) -- U.S. stocks were set to open lower Wednesday as turmoil in Europe continues, and traders prepare to close out the third quarter.
Investors will be keeping a wary eye on Europe. On Tuesday, anti-austerity protests in Madrid turned violent ahead of the Spanish government's planned release of its 2013 budget plans later in the week.
Following a meeting with German Chancellor Angela Merkel on Tuesday, European Central Bank President Mario Draghi said that while the ECB's bond-buying program is supporting financial markets, it must be coupled with "decisive measures by governments to address fundamental challenges and complete the euro-area's institutional architecture."
European stocks fell in morning trading. Britain's FTSE 100 lost 1.1%, the DAX in Germany dropped 1.3% and France's CAC 40 tumbled 1.8%.
Meanwhile, China stocks continue to struggle on economic growth concerns. Asian markets ended in the red, with the Shanghai Composite down 1.2%, the Hang Seng in Hong Kong shed 0.8%, and Japan's Nikkei dropped 2.0%.
Related: China stocks stuck in massive rut
Back in the United States, reports on tap for Wednesday include new home sales and mortgage applications.
At 10 a.m. ET, the U.S. Census Bureau will release data on new home sales for August, which are expected to have occurred at an annual rate of 380,000, according to a survey of analysts by Briefing.com. The Mortgage Bankers Association will also release its weekly application index.
U.S. stocks lost steam Tuesday afternoon and finished at two-week lows, as worries about global economic growth overshadowed positive reports on the U.S. housing market and consumer confidence.
Companies: Google (GOOG, Fortune 500) shares hit a fresh all-time intraday high of $764.89 Tuesday, but pulled back to finish the day at $749.16, just below the record closing price reached Monday. Google's stock has rallied 16% this year as the company continues to dominate in online searches and makes strides with its Android mobile platform.
Currencies and commodities: The dollar rose against the euro and British pound, but fell versus the Japanese yen.
Oil for November delivery fell 69 cents to $90.68 a barrel.
Gold futures for December delivery fell 80 cents to $1,765.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.66% from 1.68% late Wednesday.
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