U.S. stock index futures pointed to a firm open for Wall Street shares Wednesday, following the previous day's sharp falls and amid key data releases as Treasury yields held near recent highs.
The ADP Employment Report showed 169,000 jobs were created in April, below expectations.
The report, which could foreshadow Friday's employment report, was expected to record a modest rise in the rate of job creation to around 200,000 in April, according to analysts.
Unit labor costs for the first quarter rose 5 percent but productivity fell 1.9 percent, a touch more than the expected 1.8 percent decline. The report is central to the Federal Reserve's assessment of underlying price pressures.
"That's not a good combination—productivity low and unit labor costs high," said Peter Cardillo, chief market economist at Rockwell Global Capital. That could "increase inflation down the road."
Yields on the 10-year U.S. Treasury pared gains to trade around 2.20 on Wednesday, slightly below levels seen Tuesday after major data releases.
The rise in yields hurt weekly mortgage applications, with total volume falling 4.6 percent on a seasonally adjusted basis for the week ended May 1, according to the Mortgage Bankers Association (MBA).
Other key events include a panel discussion between Fed chief Janet Yellen and International Monetary Fund Managing Director Christine Lagarde on monetary policy at 9:15 a.m. ET in Washington.