Futures Extend Losses After Economic Reports

U.S. stock index futures added to their losses Wednesday following a batch of tepid economic reports and as investors continued to remain nervous over the uncertainty in the euro zone.

European shares slippedwith defensive sectors such as healthcare and food and beverage gaining, suggesting tepid investor risk sentiment prior to the Greek elections, which are seen as a referendum on the country’s future in the euro.

Meanwhile, Greek bankers said up to 800 million euros ($1 billion) were leaving major banks dailyand retailers said some of the money was being used to buy pasta and canned goods ahead of Sunday's elections.

On the economic front, producer prices tumbled 1 percent in Mayas energy costs fell the most since March 2009, according to the Labor Department. Economists surveyed by Reuters had expected a drop of 0.6 percent.

And retail sales fell for a second month, slipping 0.2 percent in May, according to the Commerce Department.

At 10:00 am ET, the government will release April business inventories, which economists polled by Briefing.com see rising 0.2 percent following March’s 0.3 percent increase.

Dell rose after the PC maker announced it will offer shareholders a dividend of 32 cent a share per year, or 8 cents a quarter.

Johnson & Johnson advanced after the drugmaker said it expects the $19.7 billion acquisition of Swiss medical device maker Synthes to slightly boost profit this year. In addition, at least three brokerages raised their rating on the company.

JPMorgan's Jamie Dimon is scheduled to testify before the Senate Banking Committee regarding the financial giant’s $2-billion trading loss from a failed hedging strategy. Meanwhile, Oppenheimer cut its price target on the bank to $56 from $58.

Scotts Miracle-Gro plunged after the lawn care and service company said it would miss its full-year outlook on weak demand during the peak gardening season.

Crude oil inventories for last week will be released by the Energy Department at 10:30 am ET. Inventories fell by 0.111 million in the prior week. This comes ahead of the OPEC meeting on Thursday. Earlier this week, the group said output averaged 31.6 million barrels a day in May, above its 30-million barrel per day target set in December.

In the U.S., the Treasury is set to auction $21 billion in 10-year notes on Wednesday, with the results available in the afternoon. Treasury prices fell on Tuesday after the government auctioned $32 billion in 3-year notes with a yield of 0.387 percent and bid-to-cover ratio of 3.53.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

WEDNESDAY: Business inventories, oil inventories, 10-yr note auction, OPEC mtg, Caterpillar shareholders mtg, Dimon testifies before Senate
THURSDAY: CPI, jobless claims, current account, 30-yr bond auction, AOL shareholders mtg; Earnings from Kroger, Smithfield Foods, Pier 1 Imports
FRIDAY: Empire state mfg survey, treasury int'l capital, industrial production, consumer sentiment, credit card default rates reported, quadruple witching

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