Stock Futures Gain Ahead of ADP Data

Futures on major U.S. indices point to a higher opening on Wednesday ahead of economic data including the ADP employment report.

Futures on the S&P 500 are up 0.48 percent, futures on the Dow Jones Industrial Average are up 0.44 percent and Nasdaq100 futures are up 0.46 percent.

The ADP report, which is a measure of the monthly change of nonfarm private employment, is scheduled to be released at 8:15 am EDT. Economists are expecting that private payrolls may rise by 208,000 in February, compared with 170,000 new jobs in January.

Nonfarm productivity in the fourth quarter was likely revised up in line with the upward revision to the real GDP growth. Output was revised up to 3.7 from 3.6 percent, Credit Agricole said in a research note.

We assume no change to hours worked. As a result, we expect that Unit Labor Costs were revised down slightly to +1.1 percent in the fourth quarter,” the note said.

On Tuesday, U.S. stocks recorded their biggest decline in three months, hurt by uncertainty over Greece's debt deal, and concerns over a slowdown in global economic growth. The S&P 500 ended down 1.54 percent and Dow Jones declined 1.57 percent, while the tech-heavy Nasdaq index fell 1.36 percent.

European stock markets are trading higher with FTSE 100 trading up by 17.29 points, DAX30 up by 32.26 points and CAC 40 up by 29.31 points.

Crude oil futures gained 0.74 percent ahead of inventory data and copper futures advanced 1.10 percent. In precious metal sector, gold futures rose 0.59 percent and silver futures gained 0.14 percent.