Updated from 6:58 a.m. EST.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, March 4:
1. -- U.S. stock futures were in the red as investors anticipate data on employment and U.S. petroleum reserves.
European stocks didn't move much Wednesday as new eurozone economic growth data and retail sales numbers arrived before Thursday’s European Central Bank monetary policy meeting in Cyprus.
2. -- The economic calendar in the U.S. on Wednesday includes the ADP employment report at 8:15 a.m. Gallup's survey-based U.S. job creation index arrives at 8:30 a.m. The Energy Information Administration petroleum inventory report comes in at 10:30 a.m. The Federal Reserve's beige book on economic conditions arrives at 2 p.m.
3. -- U.S. stocks on Tuesday closed down from their record highs on Monday.
4. -- Big-box retailer Target (TGT) said it would cut $2 billion in costs, mainly through eliminating thousands of jobs. The restructuring will lay off workers from the company's Minnesota headquarters, as well as from some stores. CEO Brian Cornell told an analyst meeting that the layoffs were part of a refocusing of Target's business, which will drop some product lines and stress online shopping.
Target also forecasted its earnings per share for its fiscal year, which ends in January 2016. It expects adjusted earnings per share of between $4.45 and $4.65, as opposed to $4.27 last year. The market consensus for Target's EPS is $4.51. Target will also buy back up to $2 billion in stock this year and $3 billion in shares annually in subsequent years.
In premarket trading, Target stock was up 0.06%.
5. -- Citizen-taxi app Uber, which is privately held, is acquiring map tech start-up deCarta, the tech press is reporting. This will be Uber's first acquisition, although Uber is valued at about $40 billion. Details on the deal are still not clear.
The mapmaker acquisition could make Uber less reliant on Google (GOOG) (GOOGL) Maps. Google is an investor in Uber but the relationship seems to be showing strain lately. Uber has mentioned possibly making self-driving cars -- a Google pet project.
6. -- JPMorgan Chase (JPM) agreed to a deal with the Department of Justice to pay $50 million in penalties to a group of more than 25,000 homeowners. Regulators said that some of the bank's mortgage documents were illegitimately "robo-signed" by employees who rapidly signed documents with almost no review.
Affected homeowners will receive cash, mortgage credit or loan forgiveness.
J.P. Morgan stock was falling 0.19% in premarket trading.
7. -- Oil prices were holding steady just above the $50-a-barrel mark for West Texas Intermediate crude. But the Energy Information Administration's petroleum inventory report, which will be released at 10:30 a.m., may depress prices. U.S. oil inventories have been ballooning for the past several months.
Oil production has been shrinking in the U.S. and some oil wells have been idled.
8. -- PetSmart (PETM), the pet-focused retailer, reports earnings Wednesday. Pet-store revenue should increase from $16.4 billion in 2014 to $19.3 billion in 2018, according to estimates from Statista. PetSmart is hoping to be a prime beneficiary of that trend.
In premarket trading, PetSmart was up 1.29%.
9. -- ADP payroll numbers arrive Wednesday morning. Last month, payroll processor ADP reported that the U.S. added 213,000 jobs in January. Bloomberg estimates that 220,000 jobs were added in February, in a calculation of economists' consensus on jobs growth.
The ADP employment data is a major economic indicator for the country.
10. -- The U.S. dollar hit 11-year highs ahead of a European Central Bank meeting Thursday, but pulled back slightly. The euro continued its long drop as investors speculated about when the ECB's stimulus would start.
-- Written by Nora Morrison