Wednesday Morning Market Roundup: Let's Get Set for the Beige Book

Here’s what’s shaking:

Stocks:

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U.S. stock futures are falling in light trading volume ahead of a slew of economic data.

Dow Jones industrial futures are down 58 points to 15,121. The broader S&P futures have lost 8 points to 1,623.20. Nasdaq futures are down 11.5 points to 2,963.25.

Payroll provider ADP says companies added 135,000 jobs in May. That's higher than April's revised total of 113,000. But it's much lower than the gains ADP reported over the winter, which averaged more than 200,000 a month from November through February.

The feds will release data on factory orders, worker productivity and the so-called Beige Book, an account of business activity among U.S. service companies.

TheBlaze will update you on the contents of the Beige Book when it becomes available at 2:00 p.m. ET.

Oil:

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The price of oil rose Wednesday, boosted by a slip in the dollar and expectations that crude stockpiles fell late last month.

Benchmark oil for July delivery was up 41 cents to $93.72 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The price fell 14 cents to finish at $93.31 a barrel on the Nymex on Tuesday.

U.S. Energy Department data for the week ending May 31 is expected to show a decline of 1 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill.

Overall, however, oil has moved sideways over the past year, trading within a range of $88 to $96 per barrel, Carl Larry of Oil Outlooks and Opinions said.

Brent crude, a benchmark for many international oil varieties, rose 35 cents to $103.59 a barrel on the ICE Futures exchange in London.

Markets:

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The Associated Press contributed to this report.