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US stocks are set for a rebound as big tech rises

U.S. equities were set for a rebound on Wednesday, with stock futures trading higher, led by some large-cap tech names.

Dow Jones industrial average futures rose 42 points, while S&P 500 and Nasdaq 100 futures advanced 4 points and 16.25 points, respectively.

Shares of Facebook, Netflix and Apple all traded higher in the premarket. Hewlett Packard Enterprise's stock also rose after the company posted better-than-expected quarterly results.

In the previous trading session, U.S. markets came under sharp pressure as fears surrounding the West's future relationship with North Korea added jitters to market sentiment.

The Dow recorded its biggest one-day drop since August 17 on Tuesday, falling 234.2 points to close at 21,753.31, with Goldman Sachs and United Technologies contributing a large chunk to the losses.

A trader works on the floor of the New York Stock Exchange.
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A trader works on the floor of the New York Stock Exchange.

The negative performance on Wall Street triggered ripple effects across global markets on Wednesday, with Asia markets finishing mostly lower and Europe trading in the red.

Geopolitical concerns have resurfaced once again this week, after news emerged on Sunday that North Korea had conducted its sixth and most powerful nuclear test yet. A test which the Asian country claimed was of an advanced hydrogen bomb for a long-range missile.

The news not only spooked markets worldwide in previous days, but was also met with condemnation by leaders across the globe including the United Nations and the G-7.

On the data front, international trade numbers showed the U.S. trade deficit for July came in at $43.7 billion, below the expected $44.7 billion. Other data set for release include the PMI services index at 9:45 a.m. ET and the ISM non-manufacturing report at 10 a.m. ET.

Another big major data point is set to be released at 2 p.m. ET, which is the latest publication of the Federal Reserve's Beige Book.

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Sticking with central banks, investors worldwide will be gearing for the latest meeting of the ECB on Thursday, where policymakers may shed light on whether it is time to unwind the bank's ultra-loose monetary policy which includes record-low interest rates in addition to the bank's asset purchase program.

On the commodities front, oil prices were posting slight gains yet remained cautious on Wednesday with investors remaining on edge following the wrath of Storm Harvey, and the potential upcoming chaos that could be triggered by Hurricane Irma.

At 8:34 a.m. ET, U.S. crude traded at $49.17, while Brent was at $54.16.

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