Stock futures were little changed on Wednesday, but could build on the previous session's gains on the strength in commodities.
A day ahead of most retail same-store sales reports for September, Costco Wholesale Corp
Costco shares rose 2.7 percent to $59.50 before the opening bell.
Commodity-linked currencies hit multi-month highs a day after Australia raised rates as the financial crisis eases, while gold hit another record high and oil edged up 0.2 percent.
We've seen weakness in the dollar, which is causing strength in the commodities market, and commodities are driving the stock market with it, said Art Hogan, chief market analyst at Jefferies & Co in Boston.
If you look at the fact that Costco is out with better numbers, that may put a little bid in the wholesale retailers, but right now we're in lockstep with what's going on in the commodities market.
Kansas City Fed President Thomas Hoenig said Tuesday that while the U.S. economy is clearly rebounding, it is too soon for the Federal Reserve to begin to withdraw its massive support.
S&P 500 futures rose 1 point but were below 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 16 points and Nasdaq 100 futures added 1 point.
Investors are awaiting the unofficial start of earnings season, with aluminum group Alcoa Inc
On Tuesday, Yum Brands Inc
Shares of AT&T Inc
Impax Laboratories Inc
French media giant Vivendi SA
Insurance risk specialist Verisk Analytics Inc
U.S. stocks rose on Tuesday amid signs the global economy was recovering and optimism that corporate earnings reports will beat expectations.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)