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Futures slightly lower; oil, data eyed

U.S. stock index futures pointed to a flat to slightly lower open Wednesday as investors digested a global rally in risk assets and a big night for U.S. politics.

In economic news, the ADP employment report showed U.S. private employers added 214,000 jobs in February.

Futures temporarily came off session lows, while the 2-year yield briefly ticked higher to 0.88 percent.

U.S. crude oil futures traded about 1 percent lower near $34 a barrel, giving back Tuesday's gains after a late-day industry report said U.S. crude inventories jumped by 9.9 million barrels last week. The U.S. Energy Information Administration oil inventory data is due at 10:30 a.m. ET.

Investors will also be watching for more hints on future policy at the U.S. Federal Reserve and whether it will continue its tightening process this year. San Francisco Fed President John Williams is due to speak at 11 a.m. ET.

The Fed's Beige Book is scheduled for release at 2 p.m.

Results are still emerging from the biggest day of U.S. presidential primary contests, or Super Tuesday, where Hillary Clinton and Donald Trump looked set to win the majority of states. Trump walked away from the contest with a strengthened claim to the GOP nomination, but both of his chief national rivals notched wins that will most likely propel them onto the next series of contests.

Elsewhere on Wednesday, there are just a few earnings, including Abercrombie & Fitch, Brown-Forman, Costco, American Eagle Outfitters, Pure Storage and Semtech.

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European and Asian markets pushed higher after a stellar rally on Wall Street on Tuesday. Stocks surged in the U.S. Tuesday, in the best start to a month in more than three years. The Dow closed up 2.1 percent at 16,865 and the S&P 500 bounced 2.4 percent to 1,978.

Equities were boosted by a few factors, including February ISM manufacturing data and oil, which rallied to close near the key $35 per barrel area. But investors are set to pause for breath on Wednesday.

—CNBC's Patti Domm and Everett Rosenfeld contributed to this report.