On the data front, Wednesday will see job openings and labor turnover survey (JOLTS) released at 10 a.m. ET with consumer credit data due a little later in the day at around 3 p.m. ET.
On the earnings front Costco, H&R Block and Lululemon are all poised to report after the bell.
In Europe, the pan-European Stoxx 600 index was around 0.66 percent higher on Wednesday morning. In Asia, the Shanghai Composite in China closed 0.7 percent higher, while the Nikkei in Japan closed 0.74 percent higher.
In oil markets, Brent crude traded at around $53.55 a barrel on Wednesday, down 0.7 percent, while U.S. crude was around $50.62 a barrel, down 0.6 percent.
Oil prices slipped on the back of continuous doubts over whether a planned production cut led by OPEC and Russia would be deep enough to end global oversupply which has dogged markets for two years.