(REUTERS) -- Stock index futures bounced back on Wednesday after five days of losses on the S&P 500 that brought the benchmark index down more than 4 percent.
Tuesday marked the largest daily percentage decline on the S&P in four months, and investors will evaluate if the slide presents an opportunity for those who missed the market gains in the first three months of the year.
After a 12 percent gain on the S&P in the first quarter, this recent pullback should provide an entry opportunity for those underweight in stocks, said Andre Bakhos, director of market analytics at Lek Securities in New York.
Sectors associated with economic growth were among the hardest hit Tuesday, making them attractive to bargain hunters. The Select Sector Financial SPDR ETF gained 1.2 percent premarket with Bank of America up 2.3 percent at $8.74.
Earnings season started on a high note Tuesday a day after aluminum producer and Dow component Alcoa Inc. surprised Wall Street with a first-quarter profit, following a loss in last year's fourth quarter. Alcoa shares rose 5.8 percent to $9.86 in premarket trading.
No S&P 500 components are scheduled to report earnings Wednesday.
S&P 500 futures rose 10.9 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 rose 86 points, and Nasdaq 100 futures added 18.75 points.
Bearish analysts see more declines ahead as a result of an overextended market that has lost its footing as the euro zone debt crisis resurfaces and U.S. economic indicators soften.
The Labor Department releases at 8:30 a.m. EDT (1230 GMT) import-export prices for March. Economists forecast a 0.8 percent rise in import prices and a 0.4 percent increase in exports prices. In February, both import and export prices rose 0.4 percent. The Federal Reserve releases the Beige Book of regional economic conditions at 2 p.m. EDT (1800 GMT).
The U.S. Justice Department could sue Apple as early as Wednesday over alleged electronic book price-fixing, two people familiar with the matter said. Apple shares added 1.2 percent in premarket trading, recouping Tuesday's decline.
Investors will keep an eye on developments in Indonesia after a massive earthquake struck off its coast, bringing back memories of a 2004 tsunami that killed about 230,000 people in 13 Indian Ocean countries, including Thailand, Sri Lanka and India. Authorities said there were no reports suggesting a major threat.
On Tuesday, the Dow Jones industrial average lost 213.66 points, or 1.65 percent, to 12,715.93 at the close on Tuesday. The S&P 500 Index dropped 23.61 points, or 1.71 percent, to 1,358.59. The Nasdaq Composite tumbled 55.86 points, or 1.83 percent, to 2,991.22.
(Reporting by Rodrigo Campos; Editing by Theodore d'Affllisio)