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US stocks to build on rally, Michael Kors reports

U.S. stock-index futures pointed to gains on Wall Street Wednesday, buoyed by a strong finish on Tuesday when the S&P 500 set a record following a batch of better-than-expected economic reports.

The positive durable goods orders and higher home prices that boosted stocks Tuesday gave markets in Asia a lift too, although shares in Europe traded flat.

On Wednesday, the dollar edged higher against other global currencies; the 10-year U.S. Treasury yield fell 2 basis points to 2.491 percent; crude futures for July delivery added 2 cents to $104.13 a barrel and gold futures for June delivery fell 20 cents to $1,265.30.

There is no economic data to watch on Wednesday and just a handful of earnings reports. Michael Kors projected first-quarter revenue above estimates, with shares of the company founded by fashion designer Michael Kors rising in premarket trading.

Read MoreMichael Kors revenue forecasts beats

Toll Brothers said quarterly profit more than doubled as it sold more homes at higher prices. The company's net income rose to $65.2 million, or 35 cents per share, in the second quarter from $24.7 million, or 14 cents per share, a year earlier.

In deal news, Nestle said early on Wednesday it was buying the rights to several skincare products from Canada's Valeant Pharmaceuticals for $1.4 billion in cash.

In France, General Electric appeared to have made some progress with its bid for the power arm of Alstom. An official at French President Francois Hollande's office said the U.S. firm had improved its offer and offered reassurances on jobs.

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