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Futures hold higher; JPMorgan beats

U.S. stock index futures pointed to a higher open Wednesday, after some encouraging China data and earnings results from the first Dow component of the earnings season.

Stock index futures briefly pared gains after some morning U.S. data. Treasury yields temporarily turned lower before returning to earlier levels, with the 2-year yield trading near 0.74 percent and the 10-year yield around 1.78 percent.

The U.S. dollar index reclaimed earlier gains, with the euro near $1.131 and the yen at 109.12 yen against the greenback as of 9:14 a.m. ET.

Oil remains in focus ahead of weekly oil inventories and a flagship weekend meeting among oil-producing countries. Brent and WTI crude oil futures declined on Wednesday, following a more-than-4 percent jump during the previous session.

Headline retail sales unexpectedly fell 0.3 percent in March after being unchanged in February. Ex-autos, gasoline, building materials and food services, retail sales edged up 0.1 percent after an upwardly revised 0.1 percent the prior month.

The producer price index declined 0.1 percent in March, following a 0.2 percent decline in February. Ex-food, energy and trade services, PPI was unchanged from the prior month and up 0.9 percent in the 12 months through March.

Dow futures briefly added 100 points after JPMorgan Chase reported first-quarter earnings that beat on both the top and bottom line.

Earlier, reports emerged the U.S. bank had cut 30 jobs, or five percent of its headcount, at its Asia wealth management business, affecting its Singapore and Hong Kong offices.

The big financial earnings will continue with Bank of America, Wells Fargo and BlackRock on Thursday and Citigroup on Friday.

Other data due for release Wednesday include business inventories for February and the Fed's beige book.

The U.S. Treasury is also set to auction $20 billion in reopened 10-year notes on Wednesday.

Earlier, the Mortgage Bankers Association said total mortgage application volume jumped 10 percent last week from the previous week on a seasonally adjusted basis.

Stock indexes in Europe and Asia rallied early on Wednesday, after data showed China's dollar-denominated exports jumped in March. The news boosted metal prices and basic resources stocks.

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Reuters contributed to this report.