(MENAFN- ProactiveInvestors) U.S. stock futures were higher in early trading Wednesday as investors look to end a positive session after the S&P 500 fell for the fifth time in a row yesterday in its worst ever start to a year. The index is already down some 2.7% for 2015.
Futures on the three major US indexes were up between 0.8% and 0.9% premarket. The Dow plunged 130 points on Tuesday while the S&P 500 fell back 0.9%.
Premarket gains were trimmed after ADP reported that the US private sector added 241000 jobs in December less than the 250000 expected. The news leads up to Friday's government employment report for December which is anticipated to show a total of 240000 nonfarm payrolls and an unemployment rate of 5.7%.
At 8:30am ET the government reported that the U.S. trade deficit fell 7.7% in November to $39 billion on lower oil prices and crude imports. Economists were expecting a deficit of $42 billion.
Investors can also expected the minutes from the Fed's last policy meeting this afternoon with traders watching for any clarification on when the central bank will raise rates.
Meanwhile eurozone's inflation rate fell into negative territory in December for the first time since 2009 adding more pressure on the ECB to launch a Fed-style bond buying program. Consumer prices contracted by 0.2% year-over-year in December with the euro sliding to a fresh nine-year low prior to the release of the figures. European markets were sharply higher today led by shares in France. Asian markets also closed in the green.
While oil prices slid further earlier this morning U.S. crude in New York is now rising up 61 cents at $48.53 a barrel after a 4% decline Tuesday. Brent crude dipped below $50 a barrel Wednesday morning for the first time since May 2009. The oil minister for United Arab Emirates said crude prices could recover if non-OPEC producers "act rationally" and curb planned output increases.
Traders will be watching for oil inventory data out this morning at 10:30 am ET with oil prices plunging of late due to a global supply glut.
In corporate activity J.C. Penney () said same store sales rose 3.7% in November and December with shares rising over 20% premarket.
() also climbed premarket after the company reported better than expected earnings and sales for its fiscal first quarter.
() fell 2.5% after the chipmaker released weak sales guidance late Tuesday. Earnings in its fiscal first quarter topped estimates however while revenue fell short.
In other news audio equipment maker Monster has sued 's () Beats Electronics its co-founders and smartphone maker HTC over alleged fraud and deceit in the way Beats acquired control of the rights to "Beats by Dr. Dre" headphones. acquired Beats for $3.2 billion last year.
Keurig Green Mountain () has signed a deal to make Dr Pepper Sn's() sodas in Keurig's planned cold drink machine. The device is expected to come to market in September.
(NYSE:RDS.A) has agreed to pay $83.4 million in a settlement for two oil spills in Nigeria which occurred in 2008.
Gold futures fell $8 to $1211 an ounce after climbing for the past two sessions.
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