U.S. stock index futures lost some of their earlier gains but remained positive after the European Central Bank left rates unchanged despite recession fears.
The ECB held its key interest rate unchangedat 1 percent, which was largely expected. The central bank also extended some of its liquidity providing operations to help financial markets cope with the effects of the euro zone's debt crisis but stopped short of announcing any big measures.
Meanwhile, ECB President Mario Draghi pledged the central bank will act firmly and in a timely manner on inflation but added that inflation expectations for the euro area "continue to be firmly anchored" and "underlying price pressures continue to be subdued."
Draghi also gave the ECB's latest economic forecasts, saying the ECB expected inflation to stay above 2 percent for this year and to come to between 1 percent and 2 percent next year. European shares pared their gainsfollowing his comments.
Back in the U.S., investors will be looking ahead to the Fed’s April edition of the Beige Book at 2pm ET, for a region-by-region assessment of the U.S. economy.