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US futures rise as earnings season takes center stage; Morgan Stanley results beat

U.S. stock index futures pointed to a higher open on Wednesday as earnings season continued.

Morgan Stanley posted first-quarter results that easily beat expectations as its fixed income trading revenue doubled year over year. That's in stark contrast to Goldman Sachs, which shocked Wall Street by missing earnings estimates.

The Dow Jones industrial average closed about 110 points lower, with Goldman shaving off 73 points.

On the data front, Wednesday will see the Federal Reserve issue the Beige Book of economic conditions at around 2 p.m ET.

American Express, eBay, Qualcomm and CSX are all due to report after the market close.

In Europe, the pan-European Stoxx-600 index was around 0.33 percent higher on Wednesday. In Asia, the Shanghai Composite in China closed 0.79 percent lower, while the Nikkei in Japan closed 0.07 percent higher.

In oil markets, prices were steady on Wednesday as OPEC reaffirmed its commitment to reducing a global supply overhang which has hampered markets since 2014.

Brent crude traded at around $55.07 a barrel on Wednesday, up 0.3 percent, while U.S. crude was around $52.51 a barrel, up 0.17 percent.