Updated from 7:51 a.m.
Stock futures held lower on Wednesday even as a read on the private sector showed a greater number of jobs added in July than expected.
S&P 500 futures were down 0.17%, Dow Jones Industrial Average futures fell 0.17%, and Nasdaq futures slid 0.19%.
Another selloff in crude oil and a disappointing July for automakers kept stocks firmly in the red on Tuesday in what has been a disappointing start to August. The Dow has endured seven days of losses.
The private sector added 179,000 jobs in July, according to the ADP Employment Report. Economists expected 165,000 jobs to have been added last month after 172,000 were added in June.
The official jobs number from the Labor Department, the most closely watched economic data each month, will be released on Friday morning. Economists expect the pace of jobs growth in July to slow after a blockbuster gain in jobs added to the U.S. economy in June. TD Securities analysts expect 188,000 jobs to have been added, while the unemployment rate will likely hold at 4.9%. The U.S. economy added 287,000 jobs in June.
In earnings news, Time Warner (TWX) rose more than 1% after surpassing quarterly profit estimates. The media company earned an adjusted $1.29 a share over its second quarter, above estimates of $1.16 a share. Sales of $6.95 came in short of estimates of $7.06 billion. Time Warner also disclosed it has invested in a 10% stake in streaming service Hulu.
Etsy (ETSY - Get Report) reported a quarter of sales and user growth, even as a net loss came in wider than expected. The online crafts site said revenue rose 39% to $85.3 million, adding to first-quarter growth of 40%. Consensus was for $81 million in revenue. Etsy reported a net loss of 6 cents a share compared with an expected net loss of 1 cent a share. The stock added 5% in premarket trading.
Fitbit (FIT - Get Report) edged past earnings and sales estimates in its second quarter. The fitness tracker developer earned an adjusted 12 cents a share, a penny above forecasts. Revenue surged 47% to $587 million. The company also guided for third-quarter sales between $490 million and $510 million, in line with consensus of $497 million. Fitbit said it sold 5.7 million fitness bands and other devices in the second quarter.
Electronic Arts (EA - Get Report) was slightly lower in premarket trading Wednesday, despite a better-than-expected first quarter. The video game retailer earned 7 cents a share, a surprise profit to analysts expecting a net loss of 2 cents a share. Revenue fell 1.6% to $682 million, but came in above forecasts by $31.3 million.
AIG (AIG - Get Report) increased 3.5% after upping its buyback plans amid pressure to break itself up. The insurance company said it plans to buy back $3 billion in shares, adding to the $3.2 billion already returned to shareholders over its second quarter. Earlier this year, AIG appointed hedge fund manager John Paulson and a Carl Icahn-picked member to its board after breakup pressure.