U.S. futures higher on E.Z. optimism; Dow Jones up 0.39%

Investing.com - U.S. stock futures pointed to a higher open on Wednesday, as sentiment strengthened after Germany’s constitutional court approved the country’s participation in the euro zone’s bailout fund, the European Stability Mechanism, while markets eyed the Federal Reserve’s upcoming meeting.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.39% rise, S&P 500 futures signaled a 0.42% increase, while the Nasdaq 100 futures indicated a 0.58% gain.

The ruling cleared the way for Germany’s president to ratify the ESM under certain conditions, allowing the European Central Bank’s bond purchasing program to proceed.

The German court said that the country’s liability to the EMS must not exceed EUR190 billion without the approval of the lower house of parliament and said that both houses of parliament must be kept informed about decisions relating to the ESM.

Meanwhile, markets continued to eye the outcome of the Fed’s policy meeting on Thursday, after disappointing U.S. employment data last week fueled fresh expectations for the central bank to add stimulus, sending the greenback broadly lower.

Adding to pressure on the U.S. dollar, Moody’s said on Tuesday that it could downgrade the U.S’s triple-A rating if budget negotiations for 2013 do not result in policy measures which will reduce the country’s debt.

Apple was likely to be active on Wednesday, as the company was set to unveil its newest iPhone, which was widely expected to offer 4G wireless technology for the first time, and a 4-inch display, up from the current 3.5 inches. Shares in Apple were up 1.11% in pre-market trade.

Also in the tech sector, IBM was expected to be in focus as the computer-services provider said in a statement earlier that its Connections product will include news feeds from Twitter and Facebook.

Elsewhere, Facebook saw shares surge 3.91% in early trading, after CEO Mark Zuckerberg said on Tuesday that the company should generate more revenue from mobile devices than from desktop computers.

Financials stocks were also expected to move, as European lenders surged following Germany’s court ruling. In pre-market trade, Citigroup advanced 0.64% and Bank of America climbed 1.33%.

On the downside, chipmaker Texas Instruments was expected to move lower, as shares edged down 0.10% in after hour trade, after the company narrowed its expected ranges for third-quarter earnings and revenue Tuesday.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.85%, France’s CAC 40 rose 0.64%, Germany's DAX advanced 0.84%, while Britain's FTSE 100 added 0.17%.

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.10%, while Japan’s Nikkei 225 Index rallied 1.73%.

Later in the day, the U.S. was to release official data on import prices, followed by a government report on crude oil stockpiles.