(REUTERS) -- Stock index futures bounced back on Wednesday after five days of losses on the S&P 500 that brought the benchmark index down more than 4 percent.

Tuesday marked the largest daily percentage decline on the S&P in four months, and investors will evaluate if the slide is an opportunity to get back in the market for those who missed the boat in the first quarter.

After a 12 percent gain on the S&P in the first quarter, this recent pullback should provide an entry opportunity for those underweight in stocks, said Andre Bakhos, director of market analytics at Lek Securities in New York.

Earnings season started with a bang after aluminum producer Alcoa Inc. surprised Wall Street with a first-quarter profit following a loss in last year's fourth quarter. Alcoa shares rose 5 percent to $9.79 in premarket trading.

S&P 500 futures rose 11.7 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 rose 86 points, and Nasdaq 100 futures added 18.75 points.

Bearish analysts see more declines ahead as a result of an overextended market that has lost its footing as the euro zone debt crisis resurfaces and U.S. economic indicators soften.

The Labor Department releases at 8:30 a.m. (1230 GMT) import-export prices for March. Economists forecast a 0.8 percent rise in import prices and a 0.4 percent increase in exports prices. In February, both import and export prices were up 0.4 percent.

The Federal Reserve releases the Beige Book of regional economic conditions at 2 p.m. (1800 GMT).

Reebok agreed to settle a lawsuit by rival Nike Inc., and will stop selling New York Jets football apparel with the name of the team's popular new quarterback, Tim Tebow.

On Tuesday, the Dow Jones industrial average lost 213.66 points, or 1.65 percent, to 12,715.93 at the close on Tuesday. The S&P 500 Index dropped 23.61 points, or 1.71 percent, to 1,358.59. The Nasdaq Composite tumbled 55.86 points, or 1.83 percent, to 2,991.22.

(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama)