09:03 AM EDT, 04/03/2024 (MT Newswires) -- US equity futures turned cautiously lower ahead of Wednesday's opening bell as traders awaited comments from Federal Reserve Chair Jerome Powell for fresh cues on monetary policy, while Intel's ( INTC ) disclosure of deepening losses at its chipmaking division weighed on sentiment.

Dow Jones Industrial Average futures slipped 0.1%, S&P 500 futures declined 0.2%, and Nasdaq futures were down 0.4%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% and US West Texas Intermediate crude up 0.8%, amid heightened geopolitical risks in the oil-rich Middle East following reports that Iran plans to retaliate against Israel for the latter's airstrike on the Iranian embassy in Syria.

Private payrolls growth based on ADP Institute's employment report, released at 8:15 am ET, came in at 184,000 in March, ahead of estimates compiled by Bloomberg for a 150,000 increase.

The Institute for Supply Management's services index, due at 10 am ET, is seen edging higher to 52.8 in March from 52.6 in February.

Powell is scheduled to speak on the economic outlook before the Stanford Business, Government and Society Forum at 12:10 pm ET.

In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.2% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 fell 0.3% and Germany's DAX index gained 0.3% in Europe's early afternoon session.

In equities, shares of Intel ( INTC ) were 5% lower pre-bell after the chipmaker revealed its chip foundry division suffered steep operating losses in 2023.

On the winning side, Cal-Maine Foods ( CALM ) rose 5% after the company reported fiscal Q3 earnings and sales that topped analysts' estimates. Vanda Pharmaceuticals ( VNDA ) shares rose 26% after the company secured a US Food and Drug Administration approval for its bipolar I disorder therapy. Addex Therapeutics ( ADXN ) shares were up 16% after the company formed a partnership with Perceptive Advisors to launch Neurosterix to boost the development of therapeutics for neurological disorders.