Stock futures pointed to a rise of more than 1 percent at the open on Wednesday after JPMorgan Chase & Co posted a surge in profit following stronger numbers from Intel Corp a day earlier.

JPMorgan, the first major U.S. bank to report quarterly earnings, said profit rose sharply as underwriting revenue at its investment bank offset deeper losses on credit cards and other consumer loans.

The bank's profit and a stronger outlook from chip maker Intel Corp late on Tuesday lifted futures and set the tone for a much-anticipated earnings season that many expect to underscore the stock market's seven-month rally and the prospects for economic recovery.

Third quarter results are on the whole better-than-expected in general, and it's taken some people by surprise, Anthony Conroy, head trader for BNY ConvergEX in New York. Now, you're starting to see not only decent earnings but a little bit of growth.

JPMorgan shares rose 3.9 percent to $47.45 in premarket trade and Intel shares rose 4.2 percent to $21.35.

Obviously the (JPMorgan) results look much better than expected, on both the top line and the bottom line. It's an old leader in the industry, but it certainly delivered, said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

S&P 500 futures rose 14.40 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 118 points, and Nasdaq futures rose 23.75 points.

Oil rose for a fifth straight day on Wednesday to a 2009 high above $75 a barrel before retreating slightly, boosted by a weak U.S. dollar and surprisingly strong trade data in China, the world's second-largest oil user.

The dollar tumbled to its lowest level in more than a year against the euro, hurt by persistent expectations for low U.S. interest rates as well as investor appetite for commodity currencies.

Investors are waiting for U.S. monthly retail sales, due at 8.30 a.m. Later in the session, the focus will shift to the Federal Reserve's minutes from its meeting of September 22-23, to be released at 2 p.m.

(Reporting by Edward Krudy; Editing by Padraic Cassidy)