Futures on major U.S. stock indices point to higher opening on Wednesday after plunging in the previous session amid political unrest in the Middle East.

Futures on the S&P 500 are up 0.33 percent, futures on the Dow Jones Industrial Average are up 0.29 percent and Nasdaq100 futures are up 0.32 percent.

U.S. stocks plunged plunged on Tuesday and oil prices surged on growing fears that Libya may descend into a civil war after Colonel Moammar Gaddafi warned that he would never give up his power and would rather die a “martyr.” The concerns about Libya vastly overshadowed some surprisingly good consumer confidence data in the U.S.

On the economic front, the National Association of Realtors (NAR) is due to report the sales of previously occupied homes after the opening bell. Economists are forecasting that existing home sales in January may slightly decline to 5.23 million from 5.28 million in December.

Existing home sales, which measure the annualized number of existing residential buildings that were sold during the previous month, rose to 5.28 million in December despite bad weather as sellers cut prices.

On the corporate front, shares of Hewlett-Packard will be in focus as it guided second quarter profit and sales below Street view. The company expects second quarter adjusted earnings of $1.19 to $1.21 per share on revenue of $31.4 billion to $31.6 billion, while analysts’ expected $1.25 per share on revenue of $32.59 billion.

The euro advanced 0.37 percent to 1.3701 against the dollar and the yen declined 0.01 percent against the greenback.

Crude oil futures gained 0.39 percent to $95.79/barrel and gold futures rose 0.01 percent.

European stock markets are currently trading lower with FTSE 100 down by 32.35 points, DAX30 down by 20.63 points and CAC 40 down by 3.01 points.