Wall Street poised for a lower start on auto sector woes, ahead of data, G-20 summit

U.S. stock futures declined Wednesday, indicating Wall Street could start the second quarter with a drop as concerns grow regarding the auto sector. Also in focus is economic data due out today and the G-20 summit, which is plagued with many differences, reducing hopes leaders would achieve much in the way of concrete measures.

According to Bloomberg, President Obama believes bankruptcy is the best option for Chrysler and General Motors (GM). Reuters reports that one option is to split the automaker and form a new company of GM's most profitable parts. Automakers will also be reporting March sales today, with experts estimating a 41 percent drop in sales, according to J.D. Power and Associates.