* Democrat Obama wins U.S. presidential race
* Futures down as focus turns to economic fears
* Employment and ISM data in view
(Recasts first paragraph, adds details, updates prices)
By Leah Schnurr
NEW YORK, Nov 5 (Reuters) - Wall Street looked set for a
lower open on Wednesday the day after Barack Obama won the
presidency as investors turned their focus back to concerns on
the weakening global economy.
Obama, who swept a historic White House victory, now faces
the task of trying to lead the world out of its worst financial
crisis since the 1930s.
Among economic data, data showed U.S. employers cut a
larger-than-expected number of jobs in October, while the
Institute for Supply Management services index later in the day
is expected to show a contraction in the services sector in
September.
Also on the economic horizon, investors were looking ahead
to Friday's non-farm payrolls for last month.
"As we look at what's happened over the last four days,
we've had a pretty positive tone to this market so we've gotten
to the point where it's going to take a new catalyst to get us
going," said Art Hogan, chief market analyst, Jefferies & Co in
Boston.
"We also have to bear in mind that the president-elect has
a major job in front of him - more than any other
president-elect in recent history."
S&P 500 futures <SPc1> fell 14.60 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> fell 97
points, and Nasdaq 100 <NDc1> futures were down 18.50 points.
Highlighting the economic uncertainty, ArcelorMittal
<MTP.PA>, the world's largest steelmaker, forecast a weaker
fourth quarter, slashed output and froze growth plans.
Shares of Ambac Financial Group <ABK.N> tumbled 23.5
percent to $2.60 in premarket action after the bond insurer
reported a much bigger quarter loss as it was hurt by
writedowns and market losses. [].
Finance company GMAC LLC, which is 49 percent owned by
General Motors Corp <GM.N>, reported its fifth straight
quarterly loss and said its mortgage unit may not survive.
[].
Providing some optimism that measures to shore up tight
credit markets are taking hold, the interest rate banks charge
each other for short term loans fell again on Wednesday.
While credit markets have shown signs of thawing in recent
weeks, worries remain about the potential depth and length of
an economic slowdown that has yet to be fully played out.
Also among quarterly results, Time Warner Inc <TWX.N>
reported higher-than-expected profit but it lowered its
full-year operating profit outlook. [].
European stocks also retreated as economic concerns
reemerged to take the spotlight, offsetting Asia's early
rally.
On Tuesday stocks logged their biggest Election Day rally
ever as investors looked forward to the end of the long fight
for the White House, and as energy companies' shares followed
oil prices higher.
(Editing by Kenneth Barry)
