Stock futures pointed to a second straight drop Wednesday, with Intel’s first-quarter outlook weighing on the technology sector.

The tech sector will be in focus after Intel reported a slower-than-forecast 51% profit rise and predicted first-quarter sales below average analyst estimates.

In today’s economic news, the U.S. consumer price index rose 0.3% in December, the U.S. Labor Department said today, down from November’s 0.8% increase.

The core CPI, which excludes volatile food and energy prices, advanced 0.2%. The data largely matched Wall Street forecasts.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US97.51¢ this morning, down 0.86 of a cent from Tuesday’s close.

In earnings news, J.P. Morgan Chase said its fourth-quarter net income fell 34% as the banking giant recorded US$1.3 billion in markdowns on subprime positions and saw sharply higher credit costs.

In M&A news, software giant Oracle has reached a deal to acquire BEA Systems in a US$8.5 billion deal, three months after BEA turned down an Oracle takeover offer as too low. BEA investor Carl Icahn endorsed the deal.

Gold futures were slammed US$23.10 to US$879.40 an ounce.

Crude-oil futures fell US$1.30 to US$90.43 a barrel ahead of a weekly report on U.S. energy inventories, due out 10:30 ET.

Overseas, Japan’s Nikkei index fell 3.35%. And in early action in Europe, London’s FTSE 100 is down 1.13%, Frankfurt’s DAX fell 1.05% and Paris’s CAC-50 sank 0.82%.

North American stocks markets plunged Tuesday as investors fled from financial stocks amid more writedowns at U.S. banking giant Citigroup, a $2.75 billion share sale by CIBC, and declines in oil prices.

Despite a brief rallying attempt just before market close on Tuesday, the S&P/TSX composite index closed down 381.50 points, or 2.79%, at 13,316.78.

All 10 of the TSX main groups lost ground.

The junior S&P/TSX Venture composite index closed down 48.74 points, or 1.73%, at 2,769.82.

The Canadian dollar closed up 0.15 of a cent, at US$98.37.

In New York, weak U.S. retail sales and steep losses at Citigroup sent stocks tumbling lower.

The Dow Jones industrial average closed down 277.04 points, or 2.17%, at 12,501.11 The S&P 500 lost 35.30 points, or 2.49%, to settle at 1,380.95.

The Nasdaq composite index lost 60.71 points, or 2.45%, closing at 2,417.59.