By Barbara Kollmeyer, Market Watch–

U.S. stock futures fell on Wednesday as geopolitical and trade concerns continued to nag at investors, taking the wind out of a rally seen at the start of the week.

Earnings from Target Corp. and then later the release of minutes from the latest Federal Open Market Committee meeting are among the highlights of the session ahead.

What are markets doing?

Dow Jones Industrial Average futures YMM8, -0.73% slipped 193 points, or 0.8%, to 24,652, while S&P 500 futures ESM8, -0.61% lost 18.85 points, or 0.7%, to 2,707.50. Nasdaq-100 futures NQM8, -0.96% fell 71.75 points, or 1%, to 6,837.50.

On Tuesday, the Dow Jones Industrial Average DJIA, -0.72% dropped 178.88 points, or 0.7%, to reach 24,834.41. The S&P 500 SPX, -0.31% lost 0.3% to end at 2,724.44, while the Nasdaq Composite Index COMP, -0.21% shed 0.2% to close at 7,378.46.

The Dow is up 0.5% this year as of Tuesday’s close, while the S&P and Nasdaq have gained 1.9% and 6.9%, respectively.

What’s driving the market?

Trade and geopolitical concerns continued to overshadow markets on Wednesday. President Donald Trump told reporters he wasn’t really happy with the progress of U.S.-China trade talks, and hinted that his summit with North Korean leader Kim Jong Un may not go ahead as planned.

Fiscal stimulus may swing back into focus after Trump said Tuesday evening that his administration will be “submitting additional tax cuts sometime before November. It’s going to be something very special.”

What are strategists saying?

“The important question is whether this risk-off rally has legs, meaning if we should prepare for a broader re-escalation of geopolitical risks,” said Konstantinos Anthis, head of research at ADS Securities, in a note.

The answer could be “no,” Anthis suggested, because the Trump administration is just talking tough again. “We believe that this is part of a negotiating tactic suggesting that the risk-off rally in the yen and gold should have little room to grow, and both instruments will soon resume their bearish trend” he wrote.

What’s on the economic docket?

Markit’s May purchasing managers’ indexes for both manufacturing and services are scheduled for release at 9:45 a.m. Eastern Time. New-home sales for April are due at 10 a.m. Eastern.

At 2 p.m. Eastern, the minutes of the May meeting of Federal Reserve policy makers will be released.

Which stocks are in focus?

Lowe’s Companies Inc. LOW, -0.83%  , Target Corp. TGT, -6.49%  , Tiffany & Co.TIF, +6.42% and Ralph Lauren Corp. RL, -0.40% are expected to report earnings ahead of the open, with a financial update from L. Brands Inc. LB, -0.18% due after the close.

Read: Target earnings preview — shoppers are showing up for the exclusive brands

Banks KBE, +0.52% could be in focus after the House of Representatives on Tuesday voted for a plan to roll back parts of the 2010 Dodd-Frank financial law. The move would ease rules placed on small and midsize banks after the financial crisis.

Wynn Resorts Ltd.’s stock WYNN, -0.15% could be active after shareholders voted against the company’s executive compensation plan.

What are other markets doing?

Asian markets had a rough session, with the Nikkei NIK, -1.18% dropping more than 1%. European stocks SXXP, -0.93% traded lower.

The ICE Dollar Index DXY, +0.32% lost ground, as the 10-year Treasury note yieldTMUBMUSD10Y, -1.66% retreated to around 3.05%.

A pullback for U.S. oil futures CLM8, -0.21% continued to pull lower, while gold futures GCM8, +0.33% were little changed.