NEW YORK — U.S. stock futures followed European shares higher Wednesday.
The Stoxx 600 Europe index rose nearly 2 percent after a German court upheld the country's role in bailing out other countries in the European Union. The ruling renewed hopes that the European Union would find a financial solution to lingering debt problems.
Concerns about Europe's economies and government balance sheets have been behind several recent market drops, both in Europe and in U.S. markets. The Stoxx 600 index lost 4.1 percent Monday.
An hour before the opening bell, Dow futures were up 99 points, or 0.9 percent, to 11,227. S&P 500 futures rose 12, or 1 percent, to 1,176. Nasdaq 100 futures gained 21, or 1 percent, to 2,187.
The ruling from the German court led to a slight drop in the price of assets that investors often turn to for safety because they hold their value during a weak economy. The yield on the 10-year Treasury note rose to 2.01 percent. It traded at 1.97 percent late Tuesday, one of the lowest rates since the Federal Reserve Bank of St. Louis began keeping daily records in 1962. Gold, another traditional safe haven, dropped 2.5 percent.
Investors will receive reports Wednesday on U.S. job openings in June and the Federal Reserve's snapshot of business conditions around the nation. The Fed's last survey of its 12 regions was the weakest this year. Growth slowed in eight of the regions in June and July, bolstering concerns that the U.S. economy was headed back into another recession.
Yahoo and Bank of America rose significantly in premarket trading after announcing the departures of key executives after the market closed Tuesday. Yahoo shares gained 6 percent ahead of the opening after it announced that CEO Carol Bartz had been fired. Some analysts estimated that the move made the company a potential takeover target. Bartz spent nearly three years steering the company.
Bank of America rose nearly 3 percent after announcing two top officers will leave the company. The changes were seen as one of chief executive Brian Moynihan's most dramatic moves to reshape the embattled bank. Bank of America shares have fallen 48 percent this year, compared with a 7 percent drop in the broad S&P 500 index.
