Futures Extend Losses After ADP Jobs Report

US stock index futures added to losses Wednesday, following a rally that helped push the Dow to its best closing level in more than four years, after the ADP employment report showed a much weaker-than-expected increase in private payrolls in April.

Employers in the private sector added just 119,000 jobs in April, according to the ADP report, short of expectations for 170,000. The report is closely watched ahead of the key monthly government jobs report, due at the end of the week. Economists surveyed by Reuters estimate employers added 170,000 jobs last month, following a tepid 120,000 gain in the month prior.

On the economic front, the Commerce Department releases March factory orders at 10:00am ET. Economists told Reuters they expected a 1.6 percent drop, compared with a 1.3 percent rise in February.

The Dow closed at its highest level in more than four yearson Tuesday after U.S. manufacturing expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.

Among earnings, Comcast gained after the parent company of CNBC beat earnings and revenue expectations, thanks to continuing growth in Internet subscribers and the start of a turnaround at the NBC broadcast business.

Time Warner said revenue rose 4 percent from the same period last year, but shares of the media conglomerate edged lower after the firm announced impairment chargeskept it from posting higher quarterly earnings.

MasterCard posted earnings that topped Wall Street expectationsas consumers spent more with their cards.

Visa, Whole Foods, and Symantec report earnings after the closing bell.

The roadshow for Facebook’s initial public offeringis scheduled to start on Monday, meaning the company's shares should begin trading on May 18, a source familiar with the process told CNBC.

In Europe, most shares resumed trading after the May Day holiday, rising as investors had their first chance to react to encouraging U.S. data in the previous session.

Germany's manufacturing sector shrank at the fastest pace in nearly three years in April, as export orders plunged, raising questions over whether Europe's biggest economy can continue to drive growth in the euro zone.

Euro zone manufacturing PMI came in at the lowest level since June 2009.

In Asia, China's manufacturing sector showed fresh signs of bottoming out in April, with export orders ticking up, but activity still contracted for a sixth consecutive month, according to a private sector survey on Wednesday.

The HSBC China Purchasing Managers' Index, geared to smaller firms, improved to 49.3 in April from 48.3 in March, but remained below the threshold of 50 that divides expansion from contraction.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

WEDNESDAY: Factory orders, oil inventories, Pepsi shareholders mtg; Earnings from Dreamworks Animation, Green Mountain Coffee, Sunoco, Transocean, Visa, Whole Foods
THURSDAY: Jobless claims, productivity and costs, ISM non-mfg index, chain-store sales, Nokia annual mtg, Verizon shareholders mtg; Earnings from GM, Kraft, AIG, LinkedIn
FRIDAY: Government non-farm payrolls, Alcoa shareholders mtg, Berkshire shareholders mtg; Earnings from Berkshire Hathaway

More From CNBC.com: