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Futures Higher After Earnings; FB Surges

U.S. stock index futures were higher Wednesday, looking to rebound from sharp declines in the previous session, following data from China and some better-than-expected earnings reports.

The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) showed that growth shrank for the 12th straight month in October, but output hit a three-month high and order books were at their strongest since April, signaling a strengthening recovery.

But businesses in the euro zone suffered their worst month in October since the last recession more than three years ago, according to the Markit's Composite PMI. Still, European shares held gains.

Stocks closed sharply lower across the board in the previous session, with the Dow logging its worst one-day drop since June, pressured by several disappointing quarterly results and amid renewed fears over Spain's weak economy.

Among earnings, Boeing posted earnings that topped expectations and revenue that matched forecasts. In addition, the company lifted its forecast for the full year.

Fellow Dow component AT&T reported a profit that beat expectations, helped by strong revenue from its wireless operations.

Facebook soared after the social-networking giant reported its revenue surged 32 percent, topping expectations, thanks to gains in mobile. At least four brokerages boosted their price targets on the company.

Meanwhile, Netflix reported its revenue gained in the third quarter, but shares of the online movie-streaming website plunged after its streaming forecast fell short of expectations. At least four brokerages cut their price targets on the firm.

Zynga, Symantec and Akamai are among companies scheduled to post earnings after the closing bell.

Nike said it will sell its Umbro brand to Iconix Brand in a deal worth nearly $225 million.

The Federal Reserve's policymakers will be wrapping up their two-day meeting this afternoon with an announcement due around 2:15 pm ET. While no policy changes are expected, investors will be looking for clues on how concerned the central bank may be about the outlook for the economy and financial markets.

On the economic front, September new home sales will be reported at 10 am ET. Economists expect new home sales to show a total of 385,000 annualized units compared with 373,000 in August, according to a Reuters survey. The home price index had risen 0.2 percent in July.

Weekly mortgage applications tumbled last week as demand for both purchase loans and refinancings fell, according to the Mortgage Bankers Association.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

WEDNESDAY: New home sales, FHFA home price index, oil inventories, 5-yr note auction, FOMC mtg announcement; Earnings from Akamai, Symantec, Zynga
THURSDAY: Durable goods orders, jobless claims, Chicago Fed nat'l activity index, pending home sales, Kansas City Fed survey; Earnings from Altria, AstraZeneca, ConocoPhillips, P&G, Aetna, AutoNation, Credit Suisse, Dow Chemical, Pulte, Sprint, United Continental, Apple, Amazon.com, Coinstar
FRIDAY: GDP, consumer sentiment, Windows 8 released; Earnings from Comcast, Merck

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