Investing.com - U.S. stock futures swung between small gains and losses on Wednesday, as investors looked ahead to key data later in the day to gauge if the world's largest economy is strong enough to withstand further rate hikes this year.
The U.S. was to release the ADP jobs report for January at 13:15GMT, or 8:15AM ET, followed by the U.S. Institute of Supply Management’s report on service sector growth for January at 15:00GMT, or 10:00AM ET.
The blue-chip Dow futures inched up 28 points, or 0.17%, by 11:40GMT, or 6:40AM ET, the S&P 500 futures tacked on 5 points, or 0.25%, while the tech-heavy Nasdaq 100 futures rose 3 points, or 0.07%.
Wall Street plunged sharply on Tuesday as the prolonged downturn in oil prices continued to weigh. The Dow closed down 295 points, or 1.8%, while the S&P 500 fell 1.9%.
Oil prices battled back on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.
U.S. crude was up 50 cents, or 1.61%, at $30.38 a barrel, while Brent tacked on 50 cents, or 1.51%, to $33.22.
The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, amid expectations for a gain of 4.8 million barrels.
In earnings news, General Motors (N:GM), Comcast (O:CMCSA), Merck (N:MRK), GlaxoSmithKline (N:GSK), Humana (N:HUM) and Marathon Petroleum (N:MPC) are due to report quarterly results ahead of the opening bell. After the market closes, GoPro (O:GPRO), Yum! Brands (N:YUM) and Buffalo Wild Wings (O:BWLD) are on the earnings docket.
Amongst active pre-market movers, Yahoo (O:YHOO) was down 1.75% after the struggling internet services company late Tuesday reported a loss for the fourth quarter.
Chipotle Mexican Grill (N:CMG) tumbled 6% after the Mexican fast food chain late Tuesday posted its first-ever sales decline.
On the upside, U.S.-listed shares of Swiss chemical company Syngenta AG (N:SYT) climbed 4% after China National Chemical agreed to acquire the firm for $43 billion in cash.
Elsewhere, major Asian equities closed lower on Wednesday, as crude oil prices slid on rekindled oversupply fears and amid mounting concerns over global economic growth.
In Europe, stock markets were down more than 1%, on course for a third straight losing session, as oil price volatility and concerns over global economic growth remained in focus.