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Traders eye major data, gear up for jobs report

Wall Street looks for rebound after Tuesday's slump

U.S. stock index futures signaled a lower open on Wednesday ahead of a busy day for economic data, as investors await Friday's key employment report, which may shed light on the possible timing of an interest rate rise by the U.S. Federal Reserve.

The ADP private payrolls report is due at 8:15 am ET, which will be eyed as a pre-indicator of Friday's labor market report. It is expected to show that 215,000 jobs were created in February, slightly above the previous reading, but well below the official 257,000 nonfarm payrolls reported in January.

Read MoreThis is what to watch before Friday's jobs report

There is also ISM non-manufacturing data at 10 a.m., and the Federal Reserve's Beige Book on the economy at 2 p.m.

Major earnings expected Wednesday include Brown-Forman, Abercrombie & Fitch before market open. H&R Block and PetSmart are due after the bell.

In Europe, equities were mixed in morning trade on Wednesday, as investors awaited feedback from the European Central Bank's (ECB) policy meeting on Thursday. The central bank could announce at its regular press conference following the meeting exactly when it will start its upcoming bond-buying program, and give more details about what assets it will buy.

In oil markets, Brent crude traded around $60 per barrel on Wednesday after Saudi Arabia raised its official selling prices for its oil deliveries to Asia and the U.S. on Tuesday. U.S. crude climbed around 20 cents, holding above $50 per barrel.In the past seven weeks, Brent crude has risen from a six-year low of around $45, despite global oversupply concerns.