* Oil prices pared some losses after Russia reiterated its openness
to talking with OPEC about output cuts, which helped revive hope
among investors that the world's largest producers could act to
* Shares of oil majors Exxon and Chevron were up about 0.4 percent
in premarket trading.
* Oil prices have fallen about 70 percent in the past 18 months, hit
by a growing glut and cooling economic growth in China and other
* Falling oil prices, tepid U.S. growth and fears regarding a
China-led global slowdown have been major factors for a torrid start
to the year for stocks. The S&P 500 is already down 6.9 percent this
* Investors have also been keeping a keen eye on U.S. economic data
for clues regarding the pace of future rate hikes by the Fed. Fed
fund futures are pricing in only one hike this year, below the
projection by the Fed's policy board members that rates could be
increased four times.
* Payrolls processor ADP is likely to report that private employers
added 195,000 jobs in January, lower than the 257,000 they added in
December. The data is expected at 8:15 a.m. ET and comes ahead of
the more comprehensive employment report by the U.S. government on
* At 10 a.m. ET on Wednesday, the ISM is expected to report that its
non-manufacturing sector index slipped to 55.1 in January from 55.3
* Weak quarterly earnings by U.S. corporations are adding to
worries. Fourth-quarter S&P 500 earnings are expected to have fallen
4.4 percent from a year earlier, according to Thomson Reuters data.
* Big names scheduled to report on Wednesday includes Metlife, Yum
Brands, General Motors and Comcast.
[to top of second column]
* Chipotle Mexican Grill was down 6.5 percent at $445, a day after
the burrito chain said a criminal probe linked to a food-safety
incident at a California restaurant has widened into a national
* Yahoo was down 2.3 percent at $28.40 after the company said it
would consider "strategic alternatives" for its core Internet
business and cut about 15 percent of its workforce.
Futures snapshot at 7:15 a.m. ET:
* Dow e-minis were up 56 points, or 0.35 percent, with 45,538
contracts changing hands.
* S&P 500 e-minis were up 7.75 points, or 0.41 percent, with 290,262
* Nasdaq 100 e-minis were up 9.75 points, or 0.23 percent, on volume
of 45,463 contracts.
(Reporting by Tanya Agrawal; Editing by Don Sebastian)
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