Stock index futures pointed to a higher opening for Wall Street on Wednesday, as investor confidence was boosted by results and an upbeat outlook statement from chipmaker Intel .

At 5.14 a.m. ET, futures for the Dow Jones, S&P 500 and Nasdaq were up between 0.8 and 1.8 percent.

The FTSEurofirst 300 <.FTEU3> index of top European shares was up 1.3 percent at 851.14 points, rising for a third day.

Higher costs for oil and gasoline pushed U.S. prices up in June by the most for any single month since oil prices peaked last summer, according to a Reuters poll of economists, The Consumer Price Index for June, due for release at 8.30 a.m., is expected to surge 0.6 percent after a 0.1 percent rise in May.

U.S. crude oil inventories probably fell for the sixth straight week. A Reuters survey of nine analysts showed crude oil stocks are expected to have declined 1.4 million barrels in the week to July 10. The Energy Information Administration will release its report at 10.30 a.m.

Other macroeconomic data includes industrial output for June, at 9.15 a.m.

Investors in Abbot will want to know whether the company is suffering from the strong dollar and weaker recession-related demand for its costly Humira arthritis drug. Analysts have, on average, forecast second-quarter earnings to have risen 89 cents a share, up 10 cents on the same quarter year ago.

Other companies reporting include Gannett and WW Grainger .

U.S. stocks managed modest gains on Tuesday as better than expected corporate profits overshadowed concerns about weak consumer demand.

The Dow Jones industrial average added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite rose 6.52 points, or 0.36 percent, to 1,799.73.

Shares in Intel Corp rose 7 percent after the closing bell after the electronic chip maker reported results that beat expectations and forecast revenue for the current quarter that also topped estimates. The shares were up more than 8 percent in Frankfurt.

Shares in Yum Brands and Janus Capital Group Inc fell after the closing bell after the companies reported results.

(Reporting by Brian Gorman; Editing by Greg Mahlich)