Stock futures were lower on Wednesday morning after a relief rally failed during regular trading hours and the S&P 500 hit a new intraday low for the year.

Futures tied to the Dow Jones Industrial Average lost 173 points, or about 0.59%. S&P 500 futures shed 0.71%, and Nasdaq 100 futures also fell more than 100 points, or about 0.98%.

During Tuesday's session, stocks gave up a large early gain and the S&P 500 fell below its intraday low from June, which was the previous market bottom. The Dow and S&P 500 closed lower for the sixth straight day, while the Nasdaq Composite ground higher by 0.25%. All three major averages are now in bear market territory.

Several technical metrics show that the stock market may be oversold, but some on Wall Street are worried that investors have not priced in an earnings slowdown and the impact of the Federal Reserve's rate hikes. The S&P 500 breaking below its previous low is a key indicator for some that stocks still have further to fall.

@Daily_Discussion