US stock futures were modestly higher in Wednesday's premarket session as investors watch for any moderation in the US's new policy to levy large tariffs on its trading partners.

Traders will also be looking ahead to employment and service sector numbers coming out later in the morning.

Dow Jones Industrial Average futures were up 0.2%, S&P 500 futures were gaining 0.3%, and Nasdaq futures were rising 0.5%.

Oil prices were moving sharply lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude dropping 1.42% and 1.90% respectively.

In equities, shares of ARB IOT Group (ARBB) soared 73% in Wednesday's premarket session after it said late Tuesday that it has signed an artificial intelligence products supply agreement with Malaysia's Gajah Kapitalan. Chimerix (CMRX) shares jumped 70% after Jazz Pharmaceuticals (JAZZ) said Wednesday that it has agreed to acquire the biopharmaceutical company for $8.55 per share, or approximately $935 million. And shares of Global Interactive Technologies (GITS) surged 30% following a marginal gain the previous session.

On the losing side, shares of Coda Octopus Group (CODA) tumbled 25%, adding to a 5.7% loss on Tuesday. Omeros (OMER) shares were also down 25%, adding to a 2.3% loss the previous session. And LiveRamp's (RAMP) stock dropped 22%, following a marginal loss on Tuesday.