Private job growth was a little better than expected in July, though all of the new positions came from the services sector, according to the latest report from ADP and Moody's Analytics.
Companies added 179,000 positions for the month, topping Reuters estimates of 170,000. That was a slight increase from June, which saw an upwardly revised 176,000, 4,000 more than originally reported.
Other data due Wednesday include the ISM services index for July, which follows a disappointing reading for ISM manufacturing on Monday.
Light crude oil futures for September last traded at around $40.76 per barrel on Wednesday, having earlier settled below $40 for the first time since April on Tuesday.
Japan announced a 13.5 trillion yen ($134 billion)-fiscal stimulus plan on Tuesday as part of an effort to boost its economy. The size of the package disappointed some investors, particularly after a parallel monetary stimulus plan announced by the Bank of Japan on Friday also came in smaller than expected.
Japanese 10-year notes rose on Wednesday, paring some declines, but remained sharply below a major peak reached last week.
"The Bank of Japan's announcement was certainly a damp squib setting in train uncomfortable adjustments in the financial markets and giving a further boost to the yen that will weigh on profits as well as prices," Chris Scicluna, head of economic research at Daiwa Capital Markets in a note on Wednesday.