US pre-open: Stocks seen lower ahead of debt deal vote

US stock futures pointed to a slightly lower open on Wall Street on Wednesday as investors eyed progress on a deal to avert a debt default.

At 1130 BST, Dow Jones Industrial Average and Nasdaq futures were down 0.2%, while S&P 500 futures were 0.3% lower.

Rabobank said: "Overnight developments in the US indicated that a bill on the debt ceiling suspension and cap on federal spending - which the nonpartisan CBO yesterday estimated would cut deficits by $1.5 trillion over 10 years- is yet another step closer to Congressional passage, as the influential House Rules Committee voted 7-6 in favour.

"The bill is now on its way to the full House of Representatives. Passage today is seen as crucial to getting this bill through the Senate before the June 5 deadline. Any further delays could still spark fresh market volatility, but an actuary take on this suggests that the more progress this bill makes, the higher its survival rate is."

Investors were also mulling over disappointing data released earlier by China's National Bureau of Statistics, which showed that the manufacturing purchasing managers’ index declined to 48.8 in May from 49.2 in April, coming in below consensus expectations for an increase to 49.5.

A reading above 50 indicates expansion, while a reading below signals contraction.

Meanwhile, the non-manufacturing PMI edged down to 54.5 in May from 56.4 the month before, versus expectations for a reading of 55.2.

On home shores, JOLTS job openings data for April is due at 1500 BST, while the Beige Book will be released at 1900 BST.

In corporate news, chipmaker Ambarella tumbled 19% in pre-market trade after its second-quarter revenue guidance missed expectations.