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Stock Market Today: Futures Rise on Hopes of Peace Agreement Between Russia and Ukraine

NEW YORK (TheStreet) -- U.S. stock index futures were trading higher Wednesday after leaders in Ukraine said Russia agreed to a cease-fire in eastern Ukraine.

Watch the video below to see how the positive news from Russia and Ukraine is affecting European markets in midday trading Wednesday:

WATCH: More market update videos on TheStreet TV

Dow Jones Industrial Average
(^DJI) futures rose 74 points, or 69.44 points above fair value, to 17,127. S&P 500 (^GSPC) futures increased 8.25 points, or 7.57 points above fair value, to 2,008. Nasdaq (^IXIC) futures gained 17 points, or 13.64 points above fair value, to 4,109.

U.S. stock indices ended Tuesday mixed as investors returned from the U.S. Labor Day weekend largely indecisive about their positioning despite a trio of good U.S. economic reports.

Ukrainian President Petro Poroshenko announced he and Russian President Vladimir Putin had agreed on a "cease-fire process," correcting an earlier statement that a "permanent cease-fire" had been agreed upon. The Kremlin said the two leaders had "coincided significantly" on possible ways to end the crisis, British Broadcasting Corp. reported.

Read More: European Stocks Rally on Potential Russa/Ukraine Cease-Fire

European stock indices rallied on Wednesday, galvanized by news of the potential cease-fire and a strong performance from Asia.

The U.S. economic calendar Wednesday includes factory orders for July at 10 a.m. EDT, and the Federal Reserve's Beige Book report providing a snapshot of economic conditions from each of the 12 Fed districts at 2 p.m.

In Wednesday's corporate headlines, CVS (CVS) , the nation's second-largest drugstore chain, is changing its name and stopping the sale of tobacco nearly a month sooner than planned. Homebuilder Toll Brothers (TOL - Get Report) reported fiscal third-quarter profit of $97.7 million, or 53 cents a share, up from a year-earlier $46.6 million, or 26 cents a share. Shares advanced 2.13% to $36.39. Home Depot (HD) , the nation's No. 1 home improvement retailer, said it's working with both banks and law enforcement to investigate "unusual activity" that would point to a major credit card data breach.

Netflix (NFLX - Get Report) struck a deal with Time Warner's (TWX) Warner Bros. to secure streaming rights in the U.S. and international markets for "Gotham," a TV show that tells of the city before Batman, and is one of the fall's most anticipated new dramas, The Wall Street Journal reported, citing people familiar with the matter. Netflix inched higher to $477.80.

Automakers such as General Motors (GM) and Ford (F) are expected to release sales for August throughout the day.

The United States Oil Fund LP (USO) rose 0.52% to $34.97 and the SPDR Gold Trust (GLD) added 0.25% to $121.95 as the U.S. dollar drifted lower against a basket of major currencies.

Read More: Stock Market Today: Stocks End Mixed Despite Gains in Manufacturing, Construction

--By Andrea Tse in New York

Follow @AndreaTTse

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