Market Insider

Greece situation may upstage some important numbers

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Some of the most important U.S. data in weeks could be trumped by events in Greece.

Wednesday kicks off two days of important economic data that culminate with the most important report of all: June employment on Thursday. Traders had been eyeing this week's data, especially jobs, to get more clues on the state of the economy, and therefore the Fed's potential timing for a rate hike.

But the failure of Greece to reach a bailout deal has turned market attention to the euro zone and the question of whether a Greek default could ultimately create financial contagion.

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ADP's private sector payrolls are released at 8:15 a.m. ET and are expected to show 218,000 private sector jobs. Economists expect a total 230,000 nonfarm payrolls in the government's report on Thursday.