Stock index futures rose on Wednesday, rebounding from the previous day's decline, after JPMorgan Chase's earnings beat expectations and spurred bets that other banks' results will be strong.
JPMorgan Chase & Co
Bank stocks were boosted by JPMorgan Chase's results, sending the Financial Select Sector SPDR Funds
The market has recently been in a consolidation phase, waiting for the next driver, the next theme. JPMorgan results appear to have delivered this theme, said Andre Bakhos, director of market analytics at Lek Securities in New York.
In Washington, President Barack Obama is to make a speech on Wednesday on his vision for tackling the long-term U.S. deficit and debt, in which he is expected to push for higher taxes for the rich and changes to government pension and healthcare plans.
The 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.
The Federal Reserve releases its Beige Book of regional economic conditions at 2:00 p.m. ET (1800 GMT).
S&P 500 futures rose 9 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 73 points and Nasdaq 100 futures added 17.50 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.
In corporate news, Deutsche Bank
French engineering group Schneider Electric
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)