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Futures signal mild rebound; Street eyes Fed, dollar, oil

U.S. stock index futures pointed to a higher start to Wall Street trade on Wednesday, as European shares rose following a global selloff on Tuesday.

Markets remained jittery ahead of the Federal Reserve meeting next week, at which the U.S. central bank could signal that it is getting closer to hiking record low interest rates—potentially as soon as June.

Meanwhile, the euro continued to slump against the U.S. dollar, falling to $1.06 on Wednesday. Bets are on as to when the euro could reach parity against the greenback, with the currency pressured lower as the European Central Bank's quantitative easing program gets underway. This has helped push the dollar to multi-year highs.

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On Wednesday, Krispy Kreme Doughnuts will post earnings.

Weekly mortgage applications dropped as rates jumped, with the 1.3 percent decline driven mostly by a 3 percent drop in refinance applications, which makes up 60 percent of all applications. That volume was 80 percent in recent years.

There will also be a Treasury auction of benchmark 10-year notes. The yield on Wednesday morning traded slightly higher to near 2.15 percent, below the key 2.28 percent level analysts are watching for.

The U.S. government's oil inventory data will be of particular interest, after the American Petroleum Institute reported the first weekly drop in crude supplies in two months on Tuesday. The Fed will also publish further stress test results for large U.S. banks, assessing their capital plans.

Traders will also be keeping tabs on the debt negotiations between Greece's newly installed left-wing government and the "troika" of international institutions supervising its bailout program.

Lumber Liquidators, which was battered by a "60 Minutes" report on the safety of its flooring products, continues to trade in volatile pattern, and rising sharply in pre-market trading. The volatility has been driven by strong opinions—both positive and negative—on the future of the company.

Shake Shack is following up a five percent Tuesday gain with a similarly sized drop in pre-market trading, ahead of its quarterly earnings report after today's closing bell.

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Goldman Sachs added SanDisk's stock to its "conviction buy" list, citing an attractive valuation and expanding gross margins, among other factors.

CNBC's Peter Schacknow contributed to this report.