Dow futures fall 100 points again amid data

Peter Cade | Getty Images. Financial advisors differ on how often to rebalance client portfolios but agree it's important in order to optimize asset allocation.·CNBC
Katy Barnato
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U.S. stock index futures traded lower early Wednesday, following declines overseas and ahead of earnings and amid U.S. data.

European stocks traded more than half a percent lower, while Asian equities ended lower, with the Shanghai composite off only 0.05 percent. Japanese markets remained closed for a holiday.

Dow futures were last off about 104 points, while S&P and Nasdaq futures fell 14 points and 32 points, respectively.

Time Warner (TWX) and Delphi Automotive (DLPH) reported first quarter results early in the day, with numbers due from Kraft Heinz (KHC), Tesla Motors (TSLA) and 21st Century Fox (FOXA) after the markets close.

In Europe, Royal Dutch Shell (London Stock Exchange: RDSA-GB) posted a sharp fall in earnings for the first three months of 2016, in its first earnings report since its purchase of BG Group.

The day is a busy one for economic data, with the ADP employment report for April coming in at 156,000, missing expectations.

The March trade deficit was $40.4 billion. First quarter productivity declined at an annual rate of 1 percent.

Later in the morning data on factory orders and the ISM services index are due.

The U.S. dollar index (Intercontinental Exchange US: .DXY) tried to hold gains, with the euro near $1.15 and the yen at 106.4 yen against the greenback as of 8:38 a.m. ET.

Treasury yields held steady, with the 2-year yield near 0.75 percent and the 10-year yield below 1.8 percent.

In corporate news, according to Reuters, Pfizer (PFE) has expressed interest in bidding for U.S. cancer drug maker Medivation (MDVN). This raises the possibility of a bid to rival Sanofi (Euronext Paris: SAN-FR)'s $52.50 per share cash offer.

Oil edged higher in early morning trade, with WTI crude futures (New York Mercantile Exchange: @CL.1) topping $44 a barrel. Weekly EIA oil inventories are due later in the morning. Late Tuesday, the American Petroleum Institute reported U.S. crude stocks rose by 1.3 million barrels.

Weekly mortgage application volume fell 3.4 percent, according to the Mortgage Bankers Association.

Donald Trump took a step closer to being the Republican presidential nominee on Tuesday, with a victory in Indiana's primary. Rival Ted Cruz suspended his campaign following the vote.

Read More Early movers: TWX, PCLN, ENR, GNRC, KSS, CBS, FCAU, Z & more

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Correction: This story has been updated to reflect the API inventory report was released Tuesday.



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