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By Bloomberg

U.S. stock-index futures declined amid disappointing financial results, signaling stocks will fall after their biggest two-day rally in almost a month.

Gilead Sciences Inc. dropped 5.9 percent in early New York trading after saying discounts for its blockbuster hepatitis C drugs will weigh down on revenue this year. Merck & Co. fell 1.3 percent after saying 2015 adjusted earnings and sales that was below analyst estimates. General Motors Co. climbed 3.3 percent after reporting quarterly profit that beat projections and raising its dividend.

Contracts on the Standard & Poor’s 500 Index expiring in March slid 0.4 percent to 2,034.8 at 7:36 a.m. in New York. They pared a decline earlier as China cut the amount of cash lenders must set aside as reserves. The gauge rallied 2.8 percent in the past two days, helped by a surge in energy stocks, and closed 1.9 percent away from a record high. Dow Jones Industrial Average futures slipped 33 points, or 0.2 percent, to 17,539 on Wednesday.

“Volatility in equities has been higher -- the Greek elections, Swiss National Bank and oil have all contributed to that,” Ian Williams, a market strategist at Peel Hunt LLP in London, said by telephone. “The S&P 500’s valuation is at the high end of its recent range. There’s a recognition most of the good news in terms of the earnings outlook might be priced in.”

The S&P 500 trades at 17.1 times estimated profit, near the 17.5 times reached in December, data compiled by Bloomberg show.

Economic Data

Investors will get cues on the health of the U.S. economy today. An ADP Research Institute report at 8:15 a.m. will show companies added 220,000 workers in January after a 241,000 increase in December, economists forecast. Payrolls increased 230,000 last month, and the unemployment rate remained at 5.6 percent, they estimate data will show on Friday.

Another release on Wednesday will probably indicate that the Institute for Supply Management’s non-manufacturing index slipped to 56.4 in January from a reading of 56.5 in December.

The rebound in the last two days trimmed the S&P 500’s drop to 0.4 percent for 2015. In January, the index posted its worst month in a year as concern mounted that slowing growth overseas will hurt the American economy, while the plunge in crude oil and stronger dollar have shown signs of eroding corporate profits. To add to the volatility, the Swiss National Bank said it would abandon its cap against the euro, roiling markets globally.

The political situation in Greece continues to bring concerns as anti-austerity party Syriza is negotiating new terms on repaying its debt. Demand slumped to a more than eight-year low at a sale of Greek Treasury bills on Wednesday.

Corporate Earnings

Investors have also been scrutinizing corporate earnings. About 78 percent of S&P 500 companies that have posted results this season have beaten analyst estimates, while 54 percent have topped sales projections, data compiled by Bloomberg show.

Yum! Brands Inc. and 21st Century Fox Inc. are among 29 S&P 500 companies reporting earnings on Wednesday.

Among other companies moving on earnings, Chipotle Mexican Grill Inc. lost 6.4 percent after posting fourth-quarter same- store sales that trailed analysts’ estimates and saying that higher food costs slowed profit gains. Walt Disney Co. rallied 4 percent and Whirlpool Corp. gained 2.5 percent after the companies posted quarterly earnings and revenue that beat projections.

Staples Inc. slipped 2.5 percent after agreeing to buy Office Depot Inc. for about $11 a share. The stocks jumped on Tuesday after the two retailers were said to enter merger talks.