U.S stocks appear to be heading down with their Asian and European counterparts based on futures movements. During the early premarket trading hours, the S&P 500 Index (INDEXCBOE:SPX) Futures lost 0.73% to 2,042 and NASDAQ (INDEXNASDAQ:NDX) Futures dipped 0.74% to 4,302.62.

Global outlook deteriorating

Stock markets across the globe were jittery as concerns intensified over the health of the global outlook. China’s factory activity contracted for the 14th month in a row while the Eurozone’s economy also reported a less than spectacular annual growth rate in the second quarter. Besides this, the U.K. construction PMI further dipped to a three-year low. The uninspiring set of data led traders into a selling spree across world markets.

Meanwhile, oil prices were volatile ahead of the official report from the U.S. Energy Information Administration today. It is projected that oil supplies could show a rise of 1.7 million barrels. The American Petroleum Institute noted in its report yesterday that U.S. oil stockpiles have increased by 1.3 million barrels during the week ended on April 29, 2016.

Busy economic calendar

The direction of the stock markets later in the day will be guided by several key economic data to be released today. The ADP non-farm employment report for April that serves as a precursor to the government’s nonfarm payrolls data will be significant. Alongside this, first quarter non-farm productivity report followed by ISM non-manufacturing purchasing managers’ index (PMI) for April and March factory orders will also be critical for traders.

The U.S. dollar (CURRENCY:USD) received some respite from its recent sell-off ahead of the aforementioned economic data release. Commentary from a pair of Federal officials about prospective rate hikes has boosted the sentiment for the currency.