Stocks are expected to open sharply higher, tracking an overseas rally on a surge in crude-oil prices.
Less than two hours before the start of trading, Dow Jones Industrial Average futures were 98 points higher at 8840. The S&P 500 futures added 12.7 to 952.3, and Nasdaq 100 futures gained 14.5 to 1515.25. Changes in futures do not always accurately predict early market moves after the opening bell.
Major markets in Asia and Europe were up about 2% as oil prices touched a new high above $71 a barrel for the year, helping to push resource producers' stock prices higher. Commodity prices have been rising in recent days, reflecting hopes that economic activity will improve and boost the appetite for basic materials. Declines in the dollar have also pushed commodity prices higher.
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U.S. investors Wednesday will keep an eye out for oil inventories data, due out at 10:30 a.m. ET. Ahead of the release, oil rose $1.22 to $71.23 per barrel in premarket electronic trading on the New York Mercantile Exchange.
The auto sector will be in focus after the U.S. Supreme Court late Tuesday lifted a temporary hold on Chrysler's sale to Fiat, allowing the government-brokered alliance to take place.
Asset classes that are particularly sensitive to the economy improved on Wednesday. Silver led gains in the metals complex, and yields on 10-year Treasury notes rose to 3.88% ahead of an auction of $19 billion worth of the notes. Yields move in the opposite direction to prices.
Dollar weakness also has played a role in commodities demand, as a cheaper greenback makes it cheaper for overseas firms to purchase dollar-denominated assets. The dollar fell 0.7% to 97.83 yen.
On the economic calendar, the Federal Reserve's key Beige Book of anecdotal evidence on the economy is due for release at 2 p.m. ET.
"It will be interesting to see if the anecdotal evidence from this Beige Book corroborates the message from other indicators that the rate of decline in the economy has slowed further," said RDQ Economics analysts in a note to clients.
Europe and Asia stocks both rose on Wednesday, helped by commodity producers. The Nikkei 225 rose 2.1% in Tokyo to end at its highest level since Oct. 7. The pan-European Dow Jones Stoxx 600 climbed 1.7%.
On Tuesday, U.S. stocks ended mixed, with the Nasdaq rising as chip stocks jumped. The Dow Jones Industrial Average fell 1 point, the S&P 500 rose 3 points, while the tech-heavy Nasdaq Composite rose 18 points after an improved profit forecast from chip maker Texas Instruments.
