Fred Imbert, Silvia Amaro
Around 7 a.m. ET, Dow Jones Industrial Average futures were up 151 points, indicating a gain of 123 points at the open. S&P 500 and Nasdaq 100 futures also pointed to solid gains.
Target shares surged more than 12% after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.
Lowe's jumped around 12% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
Wall Street closed lower for the first time in four sessions on Tuesday amid lingering worries over the economy. Investors have been rushing into safer assets such as gold and Treasurys as they fear U.S. economic growth could slow down with the rest of the world.
Bryan R. Smith | AFP | Getty Images
Traders work on the floor of the New York Stock Exchange on June 8, 2017 in New York.
Investors on Wednesday looked ahead to the release of the minutes from the Federal Reserve's meeting in July as they search for any clues on monetary policy. The Fed cut rates by 25 basis points in July, while signaling that it was only a "midcycle adjustment" and the central bank was not returning to the stimulus era.
Meanwhile, U.S. President Donald Trump has made new comments about the trading relationship with the European Union. "Dealing with the European Union is very difficult," Trump told reporters at the White House.
"We have all the cards in this country because all we have to do is tax their cars and they'd give us anything we wanted because they send millions of Mercedes over. They send millions of BMWs over," he added. Trump is due to meet with other EU leaders this week at the G-7 meeting in France.