U.S. stock index futures traded higher on Wednesday, pointing to a positive open for Wall Street shares ahead of a key European Central Bank meeting and a slew of U.S. economic data.
The ECB was not expected to make any change in monetary policy. Still, focus was expected to fall on what ECB President Mario Draghi has to say on the central bank's quantitative easing program after higher-than-expected euro zone inflation numbers on Tuesday.
Stock futures traded broadly higher during Europe's morning session, with Dow Jones index futures trading 15 points higher. U.S. stocks closed slightly lower on Tuesday, struggling to hold momentum.
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Asian shares had a mixed session, while European stock markets were mostly higher ahead of the ECB meeting.
U.S. investors have some a raft of economic numbers to digest in the form of the ADP's private sector payrolls, international trade data and the non-manufacturing report from the Institute for Supply Management (ISM).
The ADP payrolls data, in particular, is likely to gain attention since it could be a taster of what to expect from Friday's closely-watched non-farm payrolls report.
Analysts polled by Reuters forecast the ADP report to show 200,000 jobs were created last month, up from 169, 000 in April. The report will be released at 8:15 a.m. ET.
The ISM non-manufacturing survey is out at 10:00 a.m. ET and is forecast by analysts to slip to 57 in May from 57.8 in April.
U.S. trade data is due out at 08:30 a.m, while the Federal Reserve releases its Beige Book on the economy at 2:00 p.m.
"The Fed Beige Book could well offer more clues with respect to the wider health of the U.S. economy in the Fed regions, but before that we get a little peak inside the U.S. labour market with the latest ADP payrolls report for May," Michael Hewson, chief market analyst at CMC Markets, said in a note.
"April was a disappointing month with 169k new jobs added, the fifth month in a row that the jobs figure had been lower than the previous one," he added.
Companies reporting earnings due this session include Brown-Forman, Vera Bradley and Five Below.
Elsewhere, the benchmark 10-year U.S. Treasury yield held near a two-week high hit the previous session, while the dollar index was steady at about 95.83.