Stock index futures gained sharply late on Tuesday after Intel Corp's quarterly results and forecast beat market expectations, suggesting a higher open for Wall Street on Wednesday.

S&P 500 futures rose 6.3 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 50 points, and Nasdaq 100 futures were up 13 points.

(Reporting by Edward Krudy; Editing by Kenneth Barry)