Stocks set to stumble
Futures lower after two reports still point to big employment losses.
NEW YORK (CNNMoney.com) -- Stock futures turned solidly lower Wednesday after two reports pointed to continued, deep losses in jobs.
At 8:45 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were modestly lower after hovering near even all morning.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Economy: Paycheck processor ADP said the economy shed 371,000 jobs in July. Although the pace of job cuts is slowing, the number was higher than expected and points to continuing challenges facing the economy.
Earlier this morning, outplacement firm Challenger said companies' planned job cuts rose 31% in July, indicating problems in the employment sector are far from over.
The reports come ahead of the U.S. Labor Department's closely watched monthly jobs report, which comes out Friday.
Readings on factory orders and the service sector are due at 10 am ET.
Earnings: Consumer goods firm Procter & Gamble (PG, Fortune 500) reported profits slightly higher than expected, although revenue declined.
Other companies to watch include Kraft Foods (KFT, Fortune 500), which reported an 11% jump in profit after U.S. markets closed Tuesday.
World markets: Asian stocks fell as investors paused for breath. Major European markets were mixed as investors digested another round of bank earnings.
Oil prices slipped to trade around $71 a barrel and the dollar rose slightly against the euro. 
