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Dow futures rise 100 points as IBM shares jump

  • Major earnings are set to dominate some discussion on Wall Street, with eBay, American Express, Abbott Labs set to report
  • Oil prices posted gains in morning trade

U.S. stock index futures pointed to a higher open Wednesday, as investors turned their attention to new data releases and corporate earnings reports.

Dow Jones industrial average futures rose 106 points, boosted by IBM shares which rose nearly 7 percent. IBM posted better-than-expected earnings and revenue Tuesday after the close.

S&P 500 and Nasdaq 100 futures advanced 5 points and 7.75 points, respectively.

Other companies set to report quarterly results Wednesday include eBay and American Express.

A trader works on the floor of the New York Stock Exchange (NYSE).
Brendan McDermid | Reuters
A trader works on the floor of the New York Stock Exchange (NYSE).

Another point of discussion Wednesday will likely be the performance of U.S. markets in general. In the previous session, the Dow Jones industrial average broke above 23,000 for the first time on an intraday basis, and closed just below the 23,000 of the mark.

The U.S. central bank's latest publication of the Beige Book will also be in focus; which is set to come out at 2 p.m. ET. The publication is expected to shed light on the U.S. Federal Reserve's thoughts on present economic conditions.

Elsewhere, housing starts and building permits areboth due at 8:30 a.m. E.T.

Speaking of central banks, New York Fed President William Dudley is expected to be in New York at an event called "From the Lone Star to the Empire State: A Discussion of Regional Economic Trends in Texas and New York". Dallas Fed President Robert Kaplan is also believed to be speaking in New York.

On Tuesday, CNBC came to learn that U.S. President Donald Trump would likely announce his pick for who would take up the position of Fed Chair at the start of next month.

At present, reports suggest that there are currently five candidates in the running for the role, including current Chair Janet Yellen, whose term expires early 2018.

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In politics, U.S. Secretary of State Rex Tillerson is expected to deliver an address at the Center for Strategic & International Studies, which is supposed to cover the topic of "defining our relationship with India for the next century."

Elsewhere, oil prices posted gains in morning trade, boosted by news that U.S. crude inventories had recently declined. At 8:23 a.m. ET on Wednesday, prices ticked higher with U.S. crude trading at $52.09 per barrel and Brent hovering around $58.33.

Overseas, European stocks were posting gains in market trade, while markets in Asia closed mixed to lower.