US stock futures traded lower on Wednesday as investors awaited comments from Federal Reserve Chair Kevin Warsh and key economic data. Dow Jones futures fell 202 points, or 0.4%, while S&P 500 futures lost 33 points and Nasdaq 100 futures dropped 195 points, declining 0.4% and 0.6% respectively. Attention is focused on Warsh's panel appearance at the ECB forum in Sintra, where he may discuss his approach to reducing forward guidance and his review of the Fed's communication strategy. Markets also await the ISM manufacturing PMI for June, expected to ease to 53.8 from 54.0, and the ADP private payrolls report ahead of Thursday's employment data. Nike shares fell in premarket trading after the company warned its turnaround will take longer than anticipated, despite fourth-quarter revenue beating expectations, with significant weakness in China where sales declined by double digits.
Nike IncNike warned turnaround will take longer and reported double-digit sales decline in China.