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Futures higher as Street eyes Draghi, US data

U.S. stock index futures traded higher on Wednesday, pointing to a positive open as investors looked ahead to U.S. economic reports amid European Central Bank President Mario Draghi's remarks.

At a press conference Draghi reaffirmed the continuation of ECB's asset purchase program and said he wants Greece to stay in the euro zone. He would not comment on the Greece debt talks. Earlier in the day, the ECB left the benchmark interest rate unchanged at 0.05 percent, as expected.

Greek Prime Minister Alexis Tsipras will meet senior European officials later in the day in Brussels, where he is expected to hear the terms of a plan drawn up this week by top policymakers including German Chancellor Angela Merkel, Reuters said.

Athens faces a 300 million euro payment deadline to the International Monetary Fund this Friday.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

European stocks traded higher on Wednesday, with the German DAX outperforming with a 1.3 percent gain, and the Greece ATHEX Composite surging 4.5 percent.

Read More Take it or leave it: Will Greece accept deal?

The Dow Jones index futures briefly extended gains to more than 110 points higher. U.S. stocks closed slightly lower on Tuesday, struggling to hold momentum.

Asian shares had a mixed session, with only the Hang Seng posting gains.

ADP private sector payrolls increased 201,000 in May, with the service sector boosting the figure to above the expected 200,000.

The U.S. trade deficit narrowed in April as exports of services hit a record high and imports fell.

The U.S. Commerce Department on Wednesday said that the U.S. trade gap shrunk to $40.9 billion in April, the largest decrease since early 2009 and down from March's revised deficit of $50.6 billion.

Other economic data out on Wednesday include the non-manufacturing report from the Institute for Supply Management (ISM) at 10:00 a.m. ET and the Federal Reserve's Beige Book at 2:00 p.m.

Read MoreWarm up act to the jobs report

Analysts expect the ISM non-manufacturing survey to slip to 57 in May from 57.8 in April.

"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 peek inside the U.S. labor market with the latest ADP payrolls report for May," Michael Hewson, chief market analyst at CMC Markets, said in a note earlier.

Companies reporting earnings due this session include Brown-Forman, Vera Bradley and Five Below.

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Treasury yields continued to hold higher. The benchmark 10-year U.S. Treasury yield briefly hit a fresh two-week high after the payroll data, while the dollar index gained to above 96. The euro dipped below $1.11.