Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.38 percent, Dow Jones futures up 0.62 percent and Nasdaq 100 futures up 0.61 percent at 4:10 a.m. EST.

Oracle Corp will be in the spotlight after it posted after the bell on Tuesday earnings that fell short of Wall Street's forecasts for the first time in a decade as software and hardware sales sputtered, stoking fears a global recession will hurt tech spending. Shares of the company traded in Frankfurt were down 6.8 percent.

Contract manufacturer Jabil Circuit Inc posted quarterly revenue below analysts' estimates as its large customers battled inventory pile-ups, and sees lower revenue in the second quarter from its high-velocity segment which services digital products.

Paychex Inc
posted quarterly profit that beat market expectations helped by revenue growth in its payroll processing and human resources businesses, and said it continues to see a slow economic recovery with respect to sales from new clients.

Losing a big Japanese order to Lockheed Martin Corp was clearly a disappointment for Boeing Co , but a $29.4 billion order from Saudi Arabia for F-15 fighter jets and several other competitions will keep the company in the fighter business for now.

A payroll tax cut for 160 million American workers was in limbo on Wednesday with Democrats and Republicans in the U.S. Congress accusing each other of bringing an extension to a dead stop.

Siemens will cut as many as 1,200 jobs from its Healthcare workforce worldwide amidst slowing growth in its diagnostics business, Healthcare finance director Michael Sen told a Swiss newspaper on Wednesday.

German group HeidelbergCement would consider making an offer for parts of Vulcan Materials if they were put up for sale after a possible takeover by Martin Marietta Materials , its chief executive was quoted as saying.

On the macro side, the National Association of Realtors will release existing home sales for November. Economists in a Reuters survey forecast a 5.05 million annualized unit total versus 4.97 million annualized units in October.

European stocks were up 0.4 percent in morning trade, led by banking shares. The European Central Bank is expected to allot 310 billion euros ($407 billion) at its first-ever three-year refinancing auction on Wednesday, according to traders polled by Reuters just hours before the ECB announces the results of the tender.

The ECB's offer of three-year loans is seen easing fears of an impending credit crunch and possibly bolstering bond and money markets.

U.S. stocks rallied nearly 3 percent on Tuesday as investors bought surging banks, homebuilders and networking companies, though low volume was seen as amplifying the market's move.

The Dow Jones industrial average <.DJI> was up 335.73 points, or 2.87 percent, at 12,103.58. The Standard & Poor's 500 Index <.SPX> was up 35.95 points, or 2.98 percent, at 1,241.30. The Nasdaq Composite Index <.IXIC> was up 80.59 points, or 3.19 percent, at 2,603.73.

(Reporting by Blaise Robinson; Editing by Hans-Juergen Peters)