Futures on major U.S. indices point to modestly lower opening on Wednesday as investors eye economic data including ADP national employment report.
Futures on the S&P 500 are down 0.03 percent, futures on the Dow Jones Industrial Average are down 0.02 percent and Nasdaq100 futures are down 0.02 percent.
The ADP report, which is a measure of the monthly change of nonfarm private employment, is due to be released at 8:15 am EDT. Economists are estimating private payrolls may rise by 163,000 in February after increasing 187,000 in January.
Investors are likely to focus on the Fed’s Beige Book, a report on current economic conditions in each of the 12 Federal Reserve districts covering the entire US, which is due to be released at 14:00 EDT.
Other economic data including MBA Mortgage Applications, Challenger Job Cuts and crude oil inventories are due during the day.
On the earnings front, Costco Wholesale Corp. (NASDAQ:COST) is expected to report second quarter net income of $ 0.79 per share compared to $0.70 per share in the same quarter last year.
Staples, Inc. (NASDAQ:SPLS) is projected to report fourth quarter net income of $0.40 per share compared to $0.38 per share in the same quarter a year-ago.
On Tuesday US stocks ended lower on concerns that rising oil prices could hurt economic recovery. The S&P 500 Index declined 1.57 percent, the Dow Jones Industrial Average fell 1.38 percent and the Nasdaq Composite Index dipped 1.61 percent.
The euro advanced 0.07 percent to 1.3786 against the dollar and the yen declined 0.08 percent against the greenback.
Crude oil futures advanced 0.33 percent to $99.96/barrel and gold futures declined 0.12 percent.
European stock markets are currently trading lower with FTSE 100 down by 52.76 points, DAX30 down by 73.81 points and CAC 40 down by 40.76 points.