Stock index futures rose on Wednesday, a day after chipmaker Micron Technology swung to a quarterly profit and as investors awaited data expected to show an improvement in consumer sentiment.

On the last full trading day before the Christmas holiday, investors will also watch for new home sales data for November, a day after equities rallied on data showing U.S. existing home sales rose at the fastest pace since February 2007.

Investors expect a reading of 73.5 in the Reuters/University of Michigan Surveys of Consumer Sentiment index for December, according to a Reuters poll, up from the November reading of 67.4. New home sales, personal income and consumption data for November are also on tap.

You should see the recovery continuing to emerge in the data today, and investors will continue to respond positively to that, said Rick Meckler, president of LibertyView Capital Management in New York.

Also, the volume today will be light enough so that any upside surprise in the data could lead to continued spurts forwards in the market.

S&P 500 futures rose 4.2 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 26 points, and Nasdaq 100 futures added 5.5 points.

Technology issues will be on the radar screen after Micron Technology Inc posted its first quarterly profit in nearly three years late Tuesday as sales rose more than expected. Also, Red Hat Inc was the latest business software company to post higher-than-expected quarterly profit.

February crude futures were up 0.3 percent at $74.64 per barrel after data showed a sharp drawdown in U.S. crude stockpiles. The U.S. dollar index were flat.

Ford Motor Co and Chinese automaker Zhejiang Geely have worked out most big issues in the pending sale of Ford's Volvo car unit, a source said on Wednesday, paving the way for the biggest acquisition of a foreign automaker by a Chinese company. Shares of Ford gained 4 cents to $9.94 in premarket trading.

In overseas action, European shares were broadly higher on Wednesday, with banks and commodity stocks leading the way.

The S&P 500 hit another 14-month high on Tuesday as stocks rallied on the surge in existing home sales.

(Editing by Jeffrey Benkoe)