By Polya Lesova, MarketWatch
LONDON (MarketWatch) — U.S. stock futures edged higher Wednesday, recovering slightly after the previous session’s selloff, as investors awaited labor-market data and kept an eye on oil, which traded just above $100 a barrel.
Futures on the Dow Jones Industrial Average gained 24 points to 12,046 and futures on the Standard & Poor’s 500 stock index rose 2.5 points to 1,303.60.
Nasdaq 100 futures climbed 4 points to 2,315.50.
The gains come after the blue-chip Dow index (DJIA 12,058, -168.32, -1.38%) slumped 1.4% on Tuesday on worries that sustained increases in oil prices may represent a threat to economic growth.
“The rising cost of oil and uncertainty in the Middle East is probably costing the equity market [7% to 8%] in crude (pardon the pun) terms at the moment,” Deutsche Bank said in a note to clients.
Crude oil for April delivery rose 43 cents Wednesday to $100.06 a barrel in electronic trading on Globex. The rise in oil prices has been underpinned by fears that the unrest in the Mideast and North Africa will disrupt oil supplies from the region.
Asian stock markets finished lower overnight, with Japan’s Nikkei Stock Average declining 2.4%. European stocks also posted losses in intraday trade.
On the economic front, the ADP employment report for February is due at 8:15 a.m. Eastern time. The data will come ahead of Friday’s closely watched nonfarm-payrolls report.
After the stock market opens, Federal Reserve Chairman Ben Bernanke will present a monetary-policy report to the U.S. House Financial Services Committee.
At 2 p.m. U.S. Eastern Time, the Fed’s Beige Book will be released.
Meanwhile, technology giant Apple Inc. (AAPL 349.31, -3.90, -1.10%) will be in the spotlight Wednesday as it holds a media event related to its iPad tablet.
