Stock futures moved higher on Wednesday morning after a reading on the labor market showed 154,000 jobs added to private payrolls in the U.S. in September. 

S&P 500 futures were up 0.28%, Dow Jones Industrial Average futures gained 0.27%, and Nasdaq futures were up 0.24%. 

The U.S. economy added 154,000 jobs to private payrolls last month, according to the ADP National Employment Report. The measure came in below consensus of 170,000. The U.S. economy added 177,000 jobs in August. 

ADP's report tends to show a larger increase in the number of jobs added to the U.S. economy than the official report, though it is a good broad indicator of the health of the labor market month to month. The official Labor Department report will be released on Friday morning. 

The U.S. trade deficit was $40.7 billion in August, wider than an anticipated $39 billion deficit. U.S. imports increased 1.2% in August, an 11-month high, while U.S. exports increased 0.8% to a 13-month high.

Stocks tumbled on Tuesday afternoon as gold prices slumped and reports of potential tapering from the European Central Bank surfaced. Reports emerged that the central bank could begin winding down its quantitative easing program earlier than its targeted March 2017 end date. The central bank currently repurchases €80 billion (nearly $90 billion) a month, a program it could pare by €10 billion at a time. ECB media officer Michael Steen tweeted that ECB members had not discussed reducing the rate of bond purchases. 

Gold prices moved slightly higher on Wednesday after hitting their lowest level since the late-June Brexit vote on Tuesday. Spot gold fell 3% on Tuesday, breaching the key support level of $1,300 an ounce and suffering its worst one-day percentage decline since December 2013. Prices had slumped as the U.S. dollar marched to a two-month high. 

Micron Technology (MU - Get Report) fell 4% in premarket trading after swinging to a loss in its fiscal fourth quarter. The chipmaker reported a net loss of 16 cents a share over the quarter compared to profit of 42 cents a share a year earlier. An adjusted loss of 5 cents a share came in better than an expected loss of 12 cents. Revenue declined 10.6%. 

Twitter (TWTR - Get Report) remained on watch as rumors continued to swirl that the social network was accepting bids this week. Salesforce.com (CRM - Get Report) is reportedly one of the potential bidders making a case to the company. 

Eli Lilly (LLY - Get Report) moved slightly higher after its Elanco division agreed to acquire Boehringer Ingelheim Vetmedica's U.S. rabies vaccine business for $885 million. The purchase strengthens Elanco's companion animal operations. The deal is expected to close early next year. 

Constellation Brands (STZ - Get Report) increased 4% in premarket trading after topping sales and profit estimates in its second quarter. The beer and spirits company earned an adjusted $1.77 a share, better than an anticipated $1.65, while revenue climbed 17% to $2.02 billion. Constellation also boosted its full-year profit guidance above forecasts.  

Monsanto (MON) moved slightly higher after posting a surprise profit in its fiscal fourth quarter. The agricultural company earned an adjusted 7 cents a share, better than consensus of a loss of 5 cents. Monsanto also expects adjusted full-year earnings of at least $4.50 a share, above estimates of $4.42.