Stock futures moved lower as the ADP National Employment Report said the U.S. created fewer jobs in October than economists had expected.
Also pressuring stocks was a continued decline in crude oil, persistent worries over the U.S. presidential election, and a decision on interest rates from the Federal Reserve Wednesday afternoon.
S&P 500 futures were down 0.07%, Dow Jones Industrial Average futures fell 0.16%, and Nasdaq futures were down 0.02%.
The private sector added 147,000 jobs in October, according to the latest report from ADP. Consensus was for a stronger reading of 170,000. The official U.S. jobs report for October will be released on Friday. Economists anticipate 173,000 jobs to have been added to nonfarm payrolls in October, accelerating from 156,000 in September. The unemployment rate is expected to dip to 4.9% from 5%, while average hourly earnings should climb to 0.3% from 0.2%.
Crude oil prices were sharply lower on Wednesday on fears a weekly reading on crude inventories would show a big jump. The American Petroleum Institute reported U.S. crude stockpiles grew by 9.3 million barrels in the week ended Oct. 28. Official data from the Energy Information Administration to be released mid-morning is expected to confirm this build. Prices were already under pressure on fading hopes major oil producers, including the Organization of Petroleum Exporting Countries, would agree to a production freeze deal.
West Texas Intermediate crude oil declined 1.6% to $45.91 a barrel on Wednesday morning.
The Federal Open Market Committee will conclude its monetary policy meeting on Wednesday afternoon, but will not hold a press conference. The Fed's policy-making group is expected to stand pat on rates.