Stock futures pointed to opening gains of more than 1 percent on Wednesday, following a rally in global stock markets underpinned by higher commodity and energy prices.

* Home Depot Inc raised its 2009 profit forecast and stood by sales expectations on Wednesday ahead of a meeting with analysts and investors, sending its shares up 3.5 percent in premarket trade.

* European shares rose over 2 percent, led by banks, while the Nikkei hit an eight-month closing high as fresh funds flowed into the market on hopes for a recovery in the global economy.

* A weaker U.S. dollar helped push U.S. crude oil futures up more than $1 a barrel to hit a new seven-month high above $71 after data Tuesday showed a steep drop in U.S. crude inventories, and lifted commodity prices like copper and gold.

* We've got European markets trading up anywhere between 2 to 2.5 percent, said Arthur Hogan, chief market analyst at Jefferies & Co in New York. Leading the pack seems to be the inflation plays, the basic materials, energy, early-cycle industrials.

* I think we are certainly in an environment where we will see inflation sooner rather than later, and that seems to be playing out. The follow-through to U.S. futures makes sense where we see a higher open as commodities advance here, Hogan said.

* S&P 500 futures rose 12.70 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 jumped 98 points, while Nasdaq 100 futures were up 14.50 points.

* With fears of inflation and recently creeping interest rates, investors will watch a 10-year Treasury note auction at 1 p.m. EDT to gauge the appetite for ever-increasing government debt.

* JPMorgan Securities raised its price targets on Goldman Sachs Group Inc and Morgan Stanley , saying fixed income would be a big earnings driver this year and next.

* The day's economic agenda includes the Federal Reserve's Beige Book of current economic conditions at 2 p.m. EDT. Also, Commerce Department April international trade is due at 8:30 a.m. EDT.

* The Nasdaq rose Tuesday after an improved outlook from Texas Instruments Inc lifted technology stocks, but news that 10 big banks will repay TARP funds failed to stir investor enthusiasm.

* Since reaching lows in early March, the Dow is up 35.4 percent and the S&P 500 is up 41.3 percent. Year to date, the Dow is still down 0.2 percent, and the S&P is up 4.3 percent. However, stocks have drifted since early May with the S&P 500 struggling to pass the 950 level.

(Reporting by Edward Krudy; Editing by Jeffrey Benkoe)