Stock index futures rose on Wednesday after sources said the International Monetary Fund wants to boost its lending facility as the euro zone battles a long-running debt crisis and after earnings from Goldman Sachs.
Sources told Reuters the IMF needs to raise up to $600 billion in new funds to lend to countries struggling with the fallout from the debt crisis.
Greece was set to meet with creditors in the latest attempt to snap a deadlock in negotiations to slash the country's debt and prevent a default.
There is no question the market seems to be decoupling itself from the euro news but Europe also seems to be stabilizing as we see the market is beginning to focus on the economic news and of course, earnings, said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
Goldman Sachs Group Inc
The S&P 500 has risen nearly 3 percent for the year, helped by gains in financials. Investors have focused on improving U.S. economic data and a stabilization of the euro zone crisis.
The S&P financial index <.GSPF> is up more than 5 percent for the year but has fallen in the last two sessions after lackluster earnings from JPMorgan Chase & Co
S&P 500 futures rose 2.8 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 19 points, and Nasdaq 100 futures added 10.75 points.
Bank of New York Mellon Corp
Another big custody bank, State Street Corp
Other companies due to report include eBay Inc
Economic data expected on Wednesday includes December's Producer Price Index (PPI), industrial production and capacity utilization as well as the National Association of Home Builders/Wells Fargo's January housing market index.
Economists in a Reuters survey forecast a 0.1 percent rise, compared with a 0.3 percent increase in November. Excluding volatile food and energy items, PPI is expected to rise 0.1 percent, a repeat of the November increase. The data comes at 8:30 a.m. EST.
Prudential Financial Inc
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)