U.S. stock futures were trading modestly higher Wednesday, signalling a positive open for Wall Street equities ahead of the home sales report.
Futures on the S&P 500 index gained 4.00 points to 1850.25 points while those on the Nasdaq index added 7.80 points to 3696.30 points.
Investors were eyeing a report on new home sales in the U.S. due at 10:00 a.m. Eastern time.
In addition to this, markets were also likely to turn focus to FOMC member Eric S. Rosengreen as he delivers a speech at 12:00 noon.
Data on weekly distillates stocks, gasoline and crude oil inventories was also expected to released during the session.
On the corporate front, Lowes Co. Inc., (L) L Brands Inc. (LB) , JC Penney Co. Inc. (JCP) , Target Corp. (TGT) and TJX Co. (TJX) are among major companies scheduled to update latest results.
Financial stocks are likely to be in focus in Wednesday's sessions amid some media reports.
Morgan Stanley (MS) reportedly reached a preliminary agreement, under which the bank would pay $275 million to settle allegations the bank misled investors in mortgage bonds that collapsed during the financial crisis. Shares of Morgan Stanley edged up 0.2% in extended-hours activity.
Bank of America (BAC) , meanwhile, said in a regulatory filing late Tuesday that it faces probe into its foreign-exchange trading and its involvement in a government mortgage program.
Other notable movers included First Solar Inc. (FSLR) , which plunged more than 14% in pre-market trades after posting results.