Wall Street set for a lower open on Intel; ahead of data

U.S. stock futures were mixed Wednesday morning, a day after Intel (INTC) gave a cautious outlook as it kicked off tech sector earnings and as UBS (UBS) said it expects a massive loss and announced layoffs. In addition, much economic data is on tap this morning, including inflation data.

[Update 8:45: Futures turned lower, indicating another lower open for U.S. markets.]

On the other hand, a Bloomberg survey showed confidence in the global economy rose to an 11-month high as officials stepped up efforts to thaw credit markets, stocks rallied and some banks returned to profit. Meanwhile, a key Chinese economic data -- GDP -- due out this week may show the Chinese economy is bottoming, indicating a recovery will follow, economists say.