At around 2:15 a.m. ET, Dow futures were up 74 points and indicated an implied positive open of more than 72 points, while futures on the S&P and Nasdaq also climbed.
Traders continue to monitor the impact of the coronavirus outbreak. As of Tuesday night, China’s National Health Commission had reported 97 additional deaths with total confirmed cases passing 44,000.
U.S. Federal Reserve Chairman Jerome Powell on Tuesday testified in front of the House Financial Services Committee that the American economy is in a good place, but that the central bank is “closely monitoring” the potential global economic fallout from the virus.
Corporate earnings remained in focus, and Under Armour on Tuesday became the latest company to predict a hit from the outbreak, warning that it could lower sales by $50 million to $60 million.
Lyft reported more than $1 billion in quarterly revenue after the bell on Tuesday, but forecast slower growth in 2020.
CME Group and CVS Health will post earnings before the bell on Wednesday with Cisco Systems, Applied Materials and TripAdvisor among those reporting after the close of trade.
On the data front, U.S. job openings fell for a second straight month in December to hit their lowest level in two years, indicating that a recent acceleration in jobs growth may not be sustained, according to a Labor Department report on Tuesday. Layoffs also picked up at the end of the year, though openings remained relatively high.
January’s federal budget figures will be released at 2 p.m. ET on Wednesday.
In political news, Bernie Sanders has won the New Hampshire Democratic primary, closely tailed by Pete Buttigieg, while former vice president Joe Biden’s disappointing showing continued.
- CNBC’s Fred Imbert contributed to this report.