Stock index futures rose on Wednesday, rebounding from the previous day's decline, after results from JPMorgan Chase beat expectations and spurred bets that other bank earnings will be strong.
JPMorgan Chase & Co
Bank stocks were boosted by JPMorgan Chase results, sending the Financial Select Sector SPDR Funds
President Barack Obama is expected on Wednesday to push for higher taxes for the rich and changes to government pension and healthcare plans as criticism swells over his leadership on cutting a bloated deficit.
Commerce Department releases March retail sales at 8:30 a.m. ET (1230 GMT). Economists in a Reuters survey expect a 0.5 percent rise compared with a 1.0 percent increase in February. Excluding automobiles, sales are seen up 0.7 percent, a repeat of the February increase.
S&P 500 futures rose 9.7 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 77 points and Nasdaq 100 futures added 18.75 points.
On Tuesday, major indexes dropped about 1 percent on worries falling oil prices could set off a reversal in the high-flying energy sector, while Alcoa's leaner-than-expected revenue disappointed.
French engineering group Schneider Electric
The Federal Reserve releases its Beige Book of regional economic conditions at 2:00 p.m. ET (1800 GMT).
World no. 2 gold producer Newmont Mining
Oil crept back above $121 on Wednesday, partly reversing a deep sell-off, as foreign ministers met for talks on Libya's future and the market awaited U.S. inventory data for possible signs of demand attrition.
(Reporting by Angela Moon, Editing by Chizu Nomiyama)