NEW YORK (TheStreet) -- Stock futures were setting markets up for a small rebound on Wednesday as crude oil continued its rally, climbing to a five-month high of $62 a barrel.
S&P 500 futures were up 0.34%, Dow Jones Industrial Average futures added 0.35%, and Nasdaq futures climbed 0.14%.
Stocks sold off on Tuesday, with the Nasdaq and S&P 500 down more than 1%, after weak trade data prompted worries that revised macro numbers could show the U.S. economy contracted in the first quarter.
Crude prices hit fresh 2015 highs overnight as the U.S. dollar weakened on signs of slower economic growth. The U.S. dollar has stepped back from highs set after its best quarter since 2008. The greenback is currently trading 0.35% lower against the euro, 0.21% against the British pound, 0.72% against the Aussie dollar, and 0.23% against the Swiss franc. West Texas Intermediate was up 2.3% to $61.76 a barrel after touching the $62 level earlier.
The ADP employment report for April didn't bode well for Friday's official jobs report. ADP reported 169,000 jobs added to private payrolls in April, lower than 189,000 jobs in March. Economists had expected 193,000 jobs to have been added last month.
Groupon (GRPN) fell 2% in premarket trading after reporting a first-quarter loss of $14.3 million, narrower than a year-ago loss of $37.8 million. Second-quarter guidance came in light with earnings expectations of between 1 cent to 3 cents a share missing estimates.
Apple (AAPL) shares were on watch after reports the Federal Trade Commission is investigating the company's Beats Music. According to reports, the company used its iTunes platform to undercut competitors.