Futures Turn Narrowly Mixed; Oracle Rallies

U.S. stock index futures hovered around the flatline Wednesday after a pullback in the previous session amid economic outlook worries over China.

On the economic front, existing home sales for February will be released at 10 a.m. New York time.

Financials climbed after Guggenheim raised its price target on a handful of banks including Bank of America, JPMorgan , Wells Fargo and Capital One .

Oracle gained after the tech company beat earnings estimates late Tuesday.

Also on the earnings front, General Mills edged lower after the cereal maker posted earnings that met estimates and reaffirmed its lowered full-year forecastamid elevated prices for raw materials.

Discover Financial is slated to post earnings after-the-bell tonight.

Hewlett-Packard announced it would merge its PC and printing groupsin a move that was widely expected.

Dow component Merck was flat after an FDA panel rejected the phrama giant's proposed cancer drug for sarcoma patients. Merck's partner Ariad Pharmaceuticals edged lower.

Federal Reserve Chairman Ben Bernanke weighs in on Europe on Wednesday, testifying before the House Oversight Committee on the European debt crisis. According to the pre-released testimony, Bernanke said the central bank would act as needed if conditions worsened.

Weekly mortgage applications declined last week, due to a drop in refinancing demand as rates jumped, according to the Mortgage Bankers Association.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

WEDNESDAY: Existing home sale, oil inventories, HP annual mtg, Starbucks annual mtg; Earnings from Discover Financial
THURSDAY: Jobless claims, FHFA home price index, leading indicators, Green Mountain Coffee shareholders mtg; Earnings from FedEx, Dollar General, Gamestop, Lululemon, Nike, Accenture
FRIDAY: New home sales, Fed's Lockhart speaks, Fed's Bullard speaks; Earnings from Darden Restaurants

More From CNBC.com: