Currency volatility and oil prices could be two factors driving markets Wednesday, as traders also watch a big batch of U.S. economic data and earnings reports.
First up is ADP payroll data at 8:15 a.m. EDT, a kind of warm-up act for Friday's jobs report. There is also international trade and productivity and costs at 8:30 a.m. EDT. Services PMI is at 9:45 a.m. and ISM nonmanufacturing is at 10 a.m. Factory orders are also reported at 10 a.m.
Government oil inventory data is released at 10:30 a.m. EDT by the Energy Information Administration. API's inventory data, released after Tuesday's market close, showed a decrease of 1.2 million barrels of gasoline and 2.6 million barrels of distillates, but a rise of 1.3 million barrels of oil last week. Oil ended lower but gave back some losses after the API data. West Texas Intermediate closed at $43.65 per barrel, down $1.13.
Economists expect ADP to report 196,000 job, slightly below the total 200,000 nonfarm payrolls expected Friday in the government's jobs report. Last month, ADP reported 200,000 private sector job, while total nonfarm payrolls came in at 215,000.
There are also earnings expected from Time Warner, Royal Dutch Shell, Siemens, Priceline, A-B InBev, Human, Kate Spade and Virtu Financial, among others before the bell. Tesla, Transocean, Whole Foods and Kraft Heinz report after the close.