U.S. Stocks Lower as Fed Seriously Considering Dropping 'Considerable Time', China Reigns in Risk Takers

In addition to Greece being back in the headlines on early elections, U.S. investors are watching sloppy action in Asian shares overnight and are also concerned that the U.S. Fed will move to drop their "considerable time" language on rates.

The concern has U.S. stock futures down across the board; Dow futures are down 75, S&P 500 futures are down 9.5 and Nasdaq futures are down 22.

In Asia, the Shanghai Exchange crashed 5.4% after China took measures to rein in risk taking in the country with regulators banning investors from using low-grade corporate debt as collateral to borrow cash. China has seen a influx of speculative trading, which has raised eyebrows within the government.

Also of concern is a report overnight from the Wall Street Journal's Jon Hilsenrath that:"Federal Reserve officials are seriously considering an important shift in tone at their policy meeting next week: dropping an assurance that short-term interest rates will stay near zero for a “considerable time” as they look more confidently toward rate increases around the middle of next year."

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