By CCN Markets: Dow Jones futures extended losses in early trading Wednesday after Morgan Stanley cautioned investors over a possible recession. Even with Federal Reserve rate cuts on the horizon in July, Morgan Stanley equities strategist Michael Wilson warned it might be too little, too late to prevent a recession. “Fed could cut as soon as July but it may not halt slowdown/recession.” Dow Jones futures crumble on Wednesday The Dow Jones Industrial Average (DJIA) is heading for a weak open on Wednesday. At 6.15 am ET, Dow futures are down 63 points (0.24 percent), extending Tuesday’s losses. S&P 500

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