Wall Street on standby as Europe stages a rebound

U.S. stock index futures signaled a lower open on Wednesday ahead of the monthly Federal budget and after recovering much of the losses from Tuesday's volatile session.

Data in focus on Wednesday includes the publication of the Federal budget statement for November, expected at 2 p.m. ET, and a 10-year U.S. Treasury auction.

Read MoreTraders still hoping Santa will bring Dow 18,000

European shares were higher on Wednesday, staging a small rebound after heavy selling in the previous session.

However, worries about Greece persisted due to uncertainty surrounding a parliamentary vote to elect a new president later this month. The country's main stock index fell 3 percent, extending Monday's losses. Greek bond yields also spiked to around 8.2 percent.

Read MoreEurope shares see rebound; Greece watched

OPEC's monthly oil market report for December will also be published on Wednesday. This will be of key interest to investors, as oil prices remain under pressure, with Brent crude trading at around $65 per barrel.

Mortgage applications data will also be released before the market opens on Wednesday and Energy Information Administration data on oil and gas is due at 10.30 a.m. ET.

Costco reported a better-than-expected quarterly profit, after promotional offers helped the wholesaler fend off stiff competition. The retailer reported a 7 percent rise in same-store sales excluding fuel.

Other earnings on Wednesday's include Toll Brothers, Hovnanian and Vera Bradley.