MARKET PREVIEW: Techs eye GDP data

Wall Street awaits the release of the Gross Domestic Product number for the third quarter Wednesday, while the Nasdaq hopes to rebound from its lowest level of the year. Asian and European markets continued to fall, and the Dow is set to open lower.

U.S.

The U.S. Commerce Department will release a revised third-quarter figure for gross domestic product, before the bell. Analysts expect a revised annual rate of growth number of 2.2 percent, down from the 2.7 percent initially reported in October.

Expect America Online (NYSE: AOL) to see action in today's session after the company announced a series of AOLTV content and development agreements.

Microsoft Corp. (Nasdaq: MSFT) and ACTV Inc. (Nasdaq: IATV) inked a deal to integrate ACTV's software and services into the Microsoft's set-top boxes.

Expect the following technology stocks to be among Wednesday's most actively traded issues: ADC Telecom (Nasdaq: ADCT), Credence Systems (Nasdaq: CMOS) and NetSilicon (Nasdaq: NSIL).

The Nasdaq tumbled over 5 percent Tuesday, ending the session down 145.51 to 2,734.98. The Dow Jones industrial average ended the session off 38.49 to 10,507.58.

At the Bell

The Dow Jones industrial average is expected to open down 17 points. The Standard & Poor's 500 index for November futures contracts was off 2.2 to 1336.30 at 7:20 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index fell 24 to 328.09.

Asia

For the second day, all major Asian markets fell. Hong Kong's Hang Seng dropped 397.16 to 14,169.06. The Nikkei 225 shed 151.23 to 14,507.64 and Singapore's Strait Times slipped 5.55 to 1,960.71.

Europe

European markets continued to slide as well. London's FTSE 100 lost 64.20 to 6,185.60, the CAC 40 in Paris was off 57.5 to 6,011.72 and the DAX in Frankfurt slipped 75.95 to 6,549.61 at 7:12 a.m. EST.

Reuters contributed to this report.