U.S. stock index futures pointed to a higher open on Wednesday, after the publication of the ADP jobs report, which is viewed as an indicator of the all-important non-farm payrolls.
The Dow neared 17,000 in a record close and the S&P 500 closed at an all-time high on Tuesday as manufacturing activity picked up in the United States and Asia and boosted optimism over the health of the global economy.
June's ADP confirmed a strengthening jobs market by surpassing expectations.
Wednesday will also bring the Challenger U.S. job cuts report for June, May factory orders, weekly mortgage application numbers and oil inventories.
In an otherwise quiet week for policymakers, Federal Reserve Chair Janet Yellen's lecture at the International Monetary Fund in London at 11 a.m. ET on Wednesday will take much of the limelight. The speech is expected to center on dealing with instability in financial markets and hence we might not get specific policy direction.
In the corporate space, Constellation Brands will report quarterly earnings before Wall Street opens. Second quarter reporting season is due to kick off next week with numbers from Alcoa on July 8.
European auto stocks were boosted on Wednesday by U.S. data showing better-than-expected sales for major carmakers. German rivals BMW and Daimler both reported strong sales in the U.S. in June, after suffering a weak winter season.
Auto sales, coupled with a strong manufacturing reading from the Markit Purchasing Managers' Index (PMI), helped push the Dow and the to all-time highs on Tuesday. Asian equity markets remained boosted early on Wednesday by the positive sentiment.
However, developments in Iraq remain on the radar. The country's new parliament failed to elect a speaker on Tuesday, despite Washington urging the quick formation of a new government. The speaker is one of the three leadership positions, along with the president and prime minister.
The monthly non-farm payrolls report is due out on Thursday, having been brought forward because of the July 4 holiday. Economists polled by Dow Jones forecast that employers created 215,000 positions in June.
Microsoft is joining Qualcomm and its AllSeen Alliance in an alliance to establish standards for communication between household devices. The alliance has 50 other members including Panasonic, LG, and Sharp.
Rackspace Hosting shares jumped more than 8 percent premarket after TechCrunch reported the cloud service provider may take itself private and is in talks with a private equity firm to fund the deal.