NEW YORK (TheStreet) -- U.S. futures are all pointed sharply higher Wednesday as markets look to build on the momentum of yesterday's strong session.

The Dow Jones Industrial Average and S&P 500 closed at their highest levels of the year yesterday after Federal Reserve Chair Janet Yellen made cautious statements regarding raising interest rates due to global and financial uncertainties affecting the U.S. economy.

Dow futures were up 0.6%, the Nasdaq rising 0.8% and the S&P 500 climbing 0.6% in premarket trading today.

Crude futures were also advancing Wednesday, reversing a two-day decline that dropped the commodity below $40 per barrel. Industry standard Brent crude contracts were up $0.50 to $39.64 per barrel, while West Texas crude contracts rose $0.62 to $38.90 per barrel.

Shares of Valeant Pharmaceuticals (VRX) were increasing premarket after the beleaguered pharmaceutical company announced that it asked its lenders to agree to waive a condition of its credit facility that would cause it to breach covenants if it does not file its annual financial report by April 29 as was originally planned.

Boeing (BA) shares could get a tailwind today after the company announced cost-cutting plans to slash more than 4,500 jobs, with 4,000 of those layoffs coming from the company's commercial airplanes division by the middle of this year.

Lululemon Athletica (LULU) was rising premarket following the release of the company's fourth-quarter results. Strong holiday sales led the company to earn $0.85 per share, a nickel better than analysts were expecting. Revenue for the period rose 17% year over year to $704.3 million.

Shares of Sonic (SONC) were also higher pre-market on earnings news, with the chain restaurant reporting earnings of $10.8 million, or $0.18 per share on an adjusted basis vs. Wall Street's $0.16 expectation.

Action Alerts PLUS holding General Electric (GE) was climbing pre-market after the company agreed to sell off its GE Asset Management division to State Street (STT) for $485 million. The deal is part of the company's previously announced plans to divest financial assets as it looks to focus more on its industrial businesses.

Finally, Verint Systems (VRNT) shares were tanking nearly 14% pre-market after the tech company reported quarterly EPS of of $0.90 that was well below the $1.17 analysts were expecting for the period.