Futures Edge Higher After Alcoa Earnings

U.S. stock index futures were higher Wednesday, following two days of declines, after Dow component Alcoa kicked off the earnings season on a positive note.

Alcoa climbed after the aluminum producer hit its earnings target and topped revenue expectations. The company also said it expects global aluminum demand to rise to 7 percent in 2013, up from 6 percent in 2012.

"Alcoa's results are generally considered a bellwether for the global economy and the fact that the aluminium giant forecasts higher demand in 2013 appeased investors," Chris Weston, a trader at IG Markets wrote in a note.

Also among earnings, Constellation Brands rallied after the wine company topped earnings expectations and boosted its forecast for the second time this fiscal year.

Warehouse club operator PriceSmart is schedule to post earnings after the closing bell.

Clearwire received an unsolicited takeover bid of $3.30 a share from Dish Network. Sprint Nextel already has an agreement to acquire 50 percent of Clearwire it doesn't already own for $2.97 a share. Clearwire said its ability to enter other transactions is limited by other arrangements, but that it has a fiduciary duty to discuss the Dish offer.

Bank of America edged lower after Credit Suisse downgraded the financial giant to "neutral" from "outperform." BofA was the best performer on the Dow in 2012.

Facebook gained after the social-networking giant sent out a press event invitation for next week at its Menlo Park campus. The invitation has some buzzing about a phone, while others speculate it could be a search engine.

Weekly mortgage applications rose last week, rebounding from three consecutive weeks of declines, according to the Mortgage Bankers Association.

The Treasury is set to auction $21 billion in 10-year notes with the results available shortly after 1pm ET. A total of $66 billion in 3-year, 10-year and 30-year notes will have been issued by the end of this week.

Technology stocks will be in focus as the Consumer Electronics Show continues in Las Vegas. Reuters reported that one of Microsoft's top Windows executives said at the show that the group has sold 60 million licenses and upgrades for its Windows 8 operating system in the 10 weeks since its launch.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

WEDNESDAY: Oil inventories, 10-yr note auction; Earnings from PriceSmart
THURSDAY: Jobless claims, wholesale trade, natural gas inventories, Fed's George speaks, 30-yr bond auction, Fed's Bullard speaks, Fed's balance sheet, money supply, Fed's Kocherlakota speaks, Herbalife analysts day, videogame sales data release; Earnings from Chevron (interim report), Ruby Tuesday
FRIDAY: International trade, import and export prices, Fed's Plosser speaks, Treasury budget, Best Buy to report holiday sales; Earnings from Wells Fargo

More From CNBC.com: