Futures gained Wednesday as investors shrugged off a disappointing start to earnings season after Alcoa missed forecasts and as Slovakia moved to reach a deal on expanding the EFSF rescue fund.
Slovakia's rejection of a plan to expand the euro zone rescue fundinitially dampened investors’ confidence, but the plan is still expected to be approved by the end of the week.
Parties in the Slovak government began talks with the opposition on Wednesday to reach an agreement on ratifying a plan to strengthen the EFSF rescue fund.
On the earnings front, Alcoa fell after the aluminum producer posted earnings that fell short of analyst expectations, even as revenue topped forecasts. Meanwhile, at least two brokerages cut their price target on the firm.
Meanwhile, PepsiCoposted higher earnings, thanks to robust international growth and the acquisition of a Russian beverage company.
Chevron is slated to report their interim results after-the-bell. The oil giant expects third-quarter earnings to be similar to the previous quarter. And JPMorgan and Google are among major companies scheduled to report Thursday.