Stocks set for lower open ahead of data, Bernanke testimony

U.S. stocks are set to kick off the fourth quarter on a lower note even as M&A activity continued. Investors will focus this morning on barrage of economic data and await a testimony by Federal Reserve Chairman Ben Bernanke. Meanwhile, the IMF raised its global growth projections for next year.

Cisco (CSCO) and Bank of America (BAC) are in focus this morning after Cisco offered to pay $3 billion for Tandberg and B of A's CEO Ken Lewis said late Wednesday that he would retire.

More here: Before the bell: Stock futures lower ahead of a barrage of economic data