Stock index futures rose on Wednesday, rebounding from the previous day's decline, after results from JPMorgan Chase beat expectations and spurred bets that other bank earnings will be strong.

JPMorgan Chase & Co posted an increase in first quarter earnings that beat analyst expectations, helped by better results in its credit card business.

Bank stocks were boosted by JPMorgan Chase results, sending the Financial Select Sector SPDR Funds up 0.9 percent. Bank of America shares rose 1.3 percent to $13.65 in premarket trade and Citigroup added 1.3 percent to $4.61.

President Barack Obama is expected on Wednesday to push for higher taxes for the rich and changes to government pension and healthcare plans as criticism swells over his leadership on cutting a bloated deficit.

Commerce Department releases March retail sales at 8:30 a.m. ET (1230 GMT). Economists in a Reuters survey expect a 0.5 percent rise compared with a 1.0 percent increase in February. Excluding automobiles, sales are seen up 0.7 percent, a repeat of the February increase.

S&P 500 futures rose 9.7 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 gained 77 points and Nasdaq 100 futures added 18.75 points.

On Tuesday, major indexes dropped about 1 percent on worries falling oil prices could set off a reversal in the high-flying energy sector, while Alcoa's leaner-than-expected revenue disappointed.

Deutsche Bank is planning to restructure its U.S. operations to skirt financial regulations that could force it to raise billions of dollars, the Wall Street Journal reported on its website on Tuesday.

French engineering group Schneider Electric moved to quash rumors of a planned takeover of Tyco International , saying it was not currently in talks with the U.S.-based conglomerate. A person with knowledge of the matter said on Tuesday Schneider had held early talks with Tyco about buying it. Morgan Stanley analysts said any deal was likely to be at a premium of as much as 35 percent, implying a price of about $31 billion.

The Federal Reserve releases its Beige Book of regional economic conditions at 2:00 p.m. ET (1800 GMT).

World no. 2 gold producer Newmont Mining has acquired a 6.7 percent stake in Australian uranium miner Paladin Energy

, following the completion of Newmont's $2.3 billion takeover of Fronteer Gold.

Oil crept back above $121 on Wednesday, partly reversing a deep sell-off, as foreign ministers met for talks on Libya's future and the market awaited U.S. inventory data for possible signs of demand attrition.

(Reporting by Angela Moon, Editing by Chizu Nomiyama)