Stock index futures rose on Wednesday on an upbeat forecast from carmaker Nissan and a rebound in European banks, ahead of jobs data and the Federal Reserve's statement on interest rates and the economy.
Investors will also scour the Federal Open Market Committee statement, expected to reaffirm current supportive policies for the economy, even as signs of recovery grow.
European bank shares rose with French bank Societe Generale
Investors also await the monthly ADP National Employment data, due at 8:15 a.m. EST. Job cuts are forecast to have fallen in October to 190,000.
It is interesting that they have ratcheted down the expectations (for job losses), said Art Hogan, chief market analyst at Jefferies & Co in Boston.
That could be a positive piece of news and will get some attention, but I think we're going to be in a wait-and-see mode until the Fed rate decision comes out and we get to pour over their statement.
Crude futures rose above $80 a barrel, adding to Tuesday's strong gains, while the U.S. dollar retreated from a one-month high against a basket of currencies <.DXY>.
The dollar drops a bit in large part making a bet on the fact the Fed does nothing, not just to interest rates but to their statement. I think that's probably a safe bet, Hogan said.
S&P 500 futures rose 5.4 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 45 points and Nasdaq 100 futures added 4.75 points.
Media powerhouse Time Warner Inc
Shares of Kraft Foods Inc
Walt Disney Co's
In other economic news, the ISM non-manufacturing index, due at 10 a.m. EST (1500 GMT), is expected to show the services sector grew for a second straight month.
The S&P 500 and Nasdaq rose slightly on Tuesday as news of a major railroad acquisition by Warren Buffett's Berkshire Hathaway Inc
(Editing by Jeffrey Benkoe)