Stock futures extended losses Wednesday after news that private payroll gains rose less than expected and amid continuing concerns over Greece's debt crisis.
The private sector added only 38,000 jobs in May, according to a jobs report from Automatic Data Processing and Macroeconomic Advisers. That's far less than most analysts had expected.
In April, the private sector had gained 177,000 jobs, down from the 179,000 initially reported.
Another report showed the planned layoffs rose 37,135 job cuts last month, up 1.8 percent from April, and up 4.3 percent from a year ago, according to Challenger, Gray & Christmas, an outplacement firm. For the year, job cuts are 21 percent less than the same period last year.
Also in economic news, the Mortgage Bankers Association reported its index ofmortgage applications fellalmost 4 percent last week, led by refinancings, which fell 5.7 percent.
Investors will get a read on the nation's manufacturing sector when the Institute for Supply Management's Manufacturing index is released at 10 a.m. Analysts expect the index to slip below 60 as the latest regional manufacturing reports have all declined.
Auto sales will be released throughout the day, with higher prices and a shortage of fuel-efficient cars seen denting the sector's recovery.