Stock index futures rose on Wednesday, recovering from a sell-off in the previous session as investors awaited monthly data on pending home and auto sales.
U.S.-listed shares BP Plc rebounded in premarket trading, rising 1.6 percent to $37.10. BP led energy shares lower on Tuesday as it continued to struggle with the Gulf of Mexico massive oil spill the and the U.S. government launched a criminal probe.
After Tuesday's decline, and sitting just above the Dow 10,000 level, investors will come in with an eye on grabbing bargains, said Andre Bakhos, director of market analytics at Lek Securities in New York.
S&P 500 futures rose 5.3 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 climbed 47 points, and Nasdaq 100 futures gained 14.25 points.
Transocean , which owns the rig that sank in the Gulf of Mexico, rose 1.5 percent to $50.81 before the bell. Halliburton Co , which also did work on the rig, was up 1.7 percent to $21.50, while Anadarko Petroleum Corp edged 1 percent higher to $42.50.
April pending home sales, set for release at 10 a.m. EDT (1400 GMT), will be a barometer of the struggling housing market. Sales are seen rising 5 percent, compared with a 5.3 percent increase in the prior month. May auto sales are also due on Wednesday.
The sales data will help investors gauge the consumer's confidence in the economic rebound, Bakhos said. If the numbers are weaker than expected, it could cast doubt on the strength of the rebound and lead to a sell-off.
Amgen Inc gained 4.4 percent to $53 premarket after the U.S. Food and Drug Administration approved its osteoporosis drug Prolia, days after European approval.
JPMorgan Chase & Co rose 1.5 percent to $39.11 premarket after UBS upgraded the Dow component to buy from neutral.
Altria Group Inc will pay nearly $1 billion in taxes and interest to the U.S. government to end a dispute.
Google Inc expects to release its Chrome computer operating system in the late fall, a top executive said Wednesday, in a competitive strike at rival Microsoft Corp's Windows.
Collective Brands Inc reported first-quarter earnings that beat expectations late Tuesday, though sales missed the consensus view.
In early economic data, the number of planned layoffs at U.S. companies in May was almost unchanged from April, when they touched a four-year low, according to a private report, suggesting employers are more upbeat about the economy.
(Editing by Jeffrey Benkoe)