Good Morning...

U.S. stock index futures are pointing to a lower open on Wall Street this morning, which - based on recent action - may mean absolutely nothing.

The markets were headed for a down session Tuesday when some potentially positive news out of Europe sparked a reversal, helping stocks finish sharply higher.

One piece of European news that won't help the investor mood in the U.S. today is a Moody's downgrade of Italy, with the rating agency cutting Italian government bond ratings by three notches with a negative outlook.

Costco (COST) is a stock to watch this morning, with an early earnings report that shows its fourth quarter profit fell slightly short of forecasts.

Chemical maker Monsanto (MON) is also out with its earnings report this morning, while hotel operator Marriott (MAR) is among those set to release its quarterly numbers after the closing bell.

Bank of New York Mellon (BK) is on our watch list today as well, as New York State accuses the bank of defrauding foreign exchange customers, seeking a recovery of $2 billion.  The bank says the state fundamentally misunderstands the forex market and that it's confident it will prevail in the case.

We'll also watch shares of Yahoo (YHOO), on reports that it's preparing to send out financial information to potential buyers in the coming days.

Hewlett-Packard (HPQ) shares are also worth watching, as new CEO Meg Whitman says she would like to make a decision on whether to sell the company's PC division by the end of October.

And we'll track shares of Yum Brands (YUM), whose shares slipped after hours as U.S. revenue slumped and worldwide restaurant margins edged lower during the company's fiscal third quarter.