Wall Street stock index futures point to drop

NEW YORK (Reuters) - Stock index futures pointed to a weak start for Wall Street on Wednesday, following a late sell-off in the previous session, with futures for the S&P 500, for the Dow Jones industrial average and the Nasdaq down 0.1 to 0.3 percent by 5:06 a.m. EDT.

Equities on Wall Street slipped in light volume on Tuesday on growing concerns over slower economic growth and worries about the euro zone debt crisis.

The S&P 500 closed at its lowest level in over a month and ended below its 50-day moving average for a second straight day.

Recent weak economic data, including soft manufacturing data from the Atlantic region and disappointing New York and Philadelphia Fed manufacturing surveys, pointed to a slowdown in the pace of economic growth.

Investors are likely to look for further evidence when U.S. durable goods orders for April is released at 8:30 a.m. EDT.

Durable goods orders are expected to have dropped 2.2 percent in April, a sharp correction from the gain of 4.1 percent the month before weighed down by weak aircraft orders.

Other data due includes home price numbers due at 10 a.m. EDT.

On the earnings front, Costco Wholesale Corp <COST.O> posted a higher quarterly profit as it sold more gasoline and got a boost from stronger foreign currencies.

Other quarterly earnings set for release include Computer Sciences Corp <CSC.N>, seen reporting earnings per share (EPS) of $1.11 against $1.66 a year ago, and Polo Ralph Lauren <RL.N>, seen reporting EPS of $0.79 against $1.14 a year ago.

The U.S. Treasury made a small profit when it sold a portion of its shares in American International Group Inc <AIG.N> on Tuesday, but it was unclear how its investment in the beleaguered insurer will ultimately fare. The shares were sold at $29 a piece.

U.S. regulators launched one of the biggest ever crackdowns on oil price manipulation on Tuesday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50 million by squeezing markets in 2008.

GE Capital <GE.N> is selling its A$5 billion ($5.3 billion) Australia and New Zealand mortgages books to Pepper Homeloans as concerns rise over a softening of the Australian housing market and rising cost of funds.

Chrysler on Tuesday paid back $7.6 billion in U.S. and Canadian government loans from its 2009 bailout, a move that allows the U.S. automaker to distance itself from an unpopular bailout and deepen its ties with Fiat <FIA.MI>

On the economic front, the OECD said global economic recovery is on track, helped by a stronger United States, but threats ranging from high oil prices to European sovereign debt crises could yet combine to create a bout of stagflation.

In Europe, the pan-European FTSEurofirst 300 <.FTEU3> index of top shares edged up 0.1 percent, rebounding from falls at the open, investors bought beaten-down banking stocks.

(Editing by Louise Heavens)