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Street eyes higher open as oil rebounds ahead of Fed minutes

U.S. stock index futures indicated a higher open Wednesday with investors reacting to a rebound in the price of oil and some strong data from China.

Helping to bolster market sentiment, China's services sector strengthened in March, according to a survey of smaller and medium-sized enterprises released earlier in the day. The Caixin services purchasing managers' index (PMI) for March rose to 52.2, up from February's reading of 51.2.

U.S. oil prices built on Tuesday's slight gains, rising over 2.5 percent Wednesday.

Nonetheless, Asia markets wavered between positive and negative territory overnight. European markets fared better, posting some gains in the morning session after closing sharply lower on Tuesday evening.

Back in the U.S., investors will look out for the minutes of the Federal Open Market Committee's (FOMC) latest meeting for hints on the future path of interest rates and any differing views from inside the Fed. The release is due at 2 p.m. ET.

Meanwhile, there'll be more comments from Fed members on Wednesday with Cleveland Fed President Loretta Mester due to speak at 12:20 p.m ET and St. Louis Fed President James Bullard and Dallas Fed President Rob Kaplan due to speak after the closing bell.

U.S. stocks closed lower Tuesday, following declines in overseas markets on soft data. The Dow Jones industrial average closed down about 133 points, its first triple-digit loss since March 8. Traders have also been keeping an eye on global bond yields. The German 10-year Bund yield edged toward zero, trading at 0.08 percent Tuesday. U.S. yields also moved lower, and the 10-year was at 1.72 percent Tuesday.

—CNBC's Patti Domm, Evelyn Cheng and Saheli Roy Choudhury contributed to this article.