Economic reports set to sway Wall Street

A service sector survey and the first peek at December's jobs market are likely to sway stock and bond markets.

Stock index futures are pointing slightly lower early Wednesday ahead of the release of the morning's economic reports.

The Institute for Supply Management report on the service sector for December is expected to show a slight gain to 55.5. That would be the highest point reached since May 2006, well before the recession began in December 2007.

Payroll company ADP will also release its monthly report on private sector hiring. Economists expect employers added 100,000 to their payrolls last month.

In premarket trading, Dow Jones industrial average futures are down 64 points, or 0.5 percent, to 11,555. S&P 500 futures are down 8, or 0.6 percent, to 1,257. Nasdaq 100 futures are down 13, or 0.6 percent, to 2,232.