Nokia plunged after the Finnish cellphone maker lowered its quarterly outlook for its devices and services divisions, citing "competitive industry dynamics" that affected sales in emerging markets.
Oil giant Chevron said it expects to outperform on earnings in the first quarter, according to its interim report.
Crude inventories for last week will be released by the Energy Department at 10:30 a.m. Inventories rose by 9 million in the prior week.
The U.S. Treasury Department’s monthly budget will be issued at 2 p.m. New York time on Wednesday. Economists polled by Briefing.com forecast a $193 billion deficit, against a $188 billion deficit in February.
Also out at 2 p.m. is the April edition of the Fed’s Beige Book, its region-by-region assessment of the U.S. economy.
Weekly mortgage applications slipped last week as refinancing demand declined, according to the Mortgage Bankers Association.
European shares were higher, steadying after steep losses on Tuesday on investor concerns about Spain’s ability to control its public finances.
Thailand, Indonesia, Sri Lanka and India were placed on tsunami watch after a huge 8.7 magnitude earthquake struck off the coast of Indonesia.
—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC —
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