U.S. stock futures inched higher Wednesday, led by the energy sector as hopes rose that the world's major oil producers are nearing a deal on limiting output.
As November trading comes to a close, investors are waiting for a flurry of Federal Reserve speeches and economic data, including ADP's report on private-sector employment.
S&P 500 futures gained 2.70 points, or 0.1%, to 2,206.50, while Dow Jones Industrial Average futures tacked on 19 points, or 0.1%, to 19,134. Nasdaq-100 futures edged up by 1 point, or less than 0.1%, to 4,876.
In the energy sector, Hess Corp.(HES) , Apache Corp.(APA) , Chesapeake Energy Corp.(CHK) , Transocean Ltd.(RIG) and Marathon Oil Corp.(MRO) were among the S&P's biggest premarket gainers, with each stock rising by about 4% or more.
Those advances came as oil prices jumped after OPEC officials hinted that a deal to limit crude output could come later Wednesday.
The Organization of the Petroleum Exporting Countries is holding a much-anticipated meeting in Vienna, Austria, as it seeks to limit oil production and tackle the global glut that has hammered crude prices and energy companies.
On Tuesday, the S&P 500 and Dow both closed 0.1% higher. The two gauges are on track for November gains of 3.7% and 5.4%, respectively, as of Tuesday's close.
Economic news: ADP's jobs release for November is slated to hit at 8:15 a.m. Eastern Time. The reading typically helps whet investors' appetite for the government's monthly jobs report, due to arrive Friday.
October figures for personal income, outlays and a key inflation gauge are expected at 8:30 a.m. Eastern, with economists polled by MarketWatch forecasting growth of 0.4%, 0.5% and 0.1% for those three readings, respectively.
At 9:45 a.m. Eastern, investors are scheduled to get a November report on business conditions in the Chicago area, then an October release on pending home sales is on tap for 10 a.m. Eastern.
"With a December hike now almost entirely priced in, the data is unlikely to offer much more upside, but it will be interesting to see if traders will be spooked by some weaker reports ahead of the meeting," said Craig Erlam, senior market analyst at Oanda, in a note. He was referring to expectations that the Fed will raise interest rates at its meeting next month, as U.S. economic reports continue to look encouraging.