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Futures hold higher amid data dump

U.S. stock index futures indicated a higher open Wednesday, the last full trading day of the week, as investors eyed a slew of economic data ahead of the Thanksgiving holiday, while geopolitical tensions remained in focus.

Markets are shut Thursday for Thanksgiving and the stock market closes at 1 p.m. EST on Friday.

Futures held earlier gains amid the durable goods and personal spending reports, with the Dow futures up about 40 points as of 8:57 a.m., ET.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

The durable goods report showed a rise of 3.0 percent in October. Non-defense, ex-aircraft capital goods orders soundly topped expectations with a rise of 1.3 percent after an upwardly revised 0.4 percent gain in September.

Weekly jobless claims came in at 260,000.

October U.S. personal spending rose 0.1 percent, while personal income rose 0.4 percent.

In the 12 months through October, the personal consumption expenditures (PCE) price index was up 0.2 percent after a similar rise in September, Reuters said.

PCE deflator in the personal income and spending report is the Fed's preferred inflation gauge. Economists polled by Reuters expect a monthly rise of 0.1 percent for October.

The dollar continued to trade about half a percent higher against major world currencies, with the euro below $1.06.

Treasury yields edged higher, with the 2-year yield near 0.95 percent and the 10-year yield at 2.25 percent.

Oil will also remain in focus with crude and natural gas inventories both due Wednesday.

Crude oil futures dipped on Wednesday as investors took profits after prices rallied to two-week highs in the previous session on mounting geopolitical tension in the Middle East as Turkey downed a Russian warplane.

Brent fell about 85 cents to $45.27 a barrel on Wednesday. It settled up $1.29, or 2.9 percent, at $46.12 a barrel on Tuesday, after hitting a two-week high at $46.50.

U.S. crude's West Texas Intermediate (WTI) futures lost 75 cents to $42.12 a barrel.

Data on the housing market include weekly mortgage applications, the FHFA home price index showed a 0.8 percent rise in September from August.

New home sales are due at 10 a.m.

Traders will also get another look at the consumer with the University of Michigan's final read on November consumer sentiment due at 10 a.m. On Tuesday, the Conference Board's consumer confidence index missed estimates and declined for a second straight month in November to 90.4.

In bond markets, the Treasury is scheduled to hold a seven-year note auction Wednesday.

On the earnings front, Deere reported before the bell.

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In Europe, equities traded higher Wednesday, despite rising geopolitical tensions between Russia and NATO member Turkey.

— CNBC's Evelyn Cheng contributed to this report.