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) -- Stock futures pointed to a stronger open Wednesday as the market looked past a larger-than-expected decline in durable goods orders to focus on a drop in initial jobless claims and stronger personal incomes and spending in October.

Futures for the

Dow Jones Industrial Average

were up by 72 points, or 73 points above fair value, at 11,086. Futures for the

S&P 500

were 10 points higher, or 9 points above fair value, at 1188, and


futures were ahead by 16 points, or 19 points above fair value.

Stocks finished Tuesday's session deep in negative territory as a skirmish between North and South Korea overshadowed a better-than-expected read on third-quarter U.S. economic growth.

In Europe, contagion concerns continued.

Portugal's borrowing costs spiked and the

euro slid to a two-month low against the dollar . The FTSE in London was up by 0.6% while the DAX in Frankfurt was flat. The euro was down to $1.3351, from $1.3370.

Hong Kong's Hang Seng added 0.6% while Japan's Nikkei lost 0.8%.

Wednesday's session brings a deluge of data since U.S. markets will be closed on Thursday for the Thanksgiving holiday.

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Initial jobless claims came in much better than expected for the week ended Nov. 20, shedding 34,000 to 407,000 from 441,000, previously.

The Department of Commerce said personal incomes rose 0.5% in October after remaining flat in the previous month, and personal spending increased 0.4% from September's uptick of 0.3%. The growth was in line with expectations.

Durable goods orders slumped 3.3% in October, disappointing expectations for a milder decline of 0.3%. That compares with growth of 5% in September. Excluding transportation, orders fell 2.7% after rising 1.3% in the prior month. Economists had projected orders excluding transportation to show a 0.4% uptick.

The University of Michigan delivers its final read on November consumer sentiment at 10 a.m. EST. The market expects the sentiment index to inch up to 69.4, from a preliminary reading of 69.3. That compares with October's level of 67.7.

October new-home sales from the Department of Commerce and the third-quarter home price index from the Federal Housing Finance Agency will be released at 10 a.m. Economists expect new-home sales to rise to 312,000 in October from 302,000 in September.

Finally, the Energy Information Administration releases its weekly read on energy inventory levels. Analysts polled by Platts anticipate a drawdown of 1.9 million barrels to crude stocks in the week ended Nov. 19. That compares to the build of 5.19 million barrels that the American Petroleum Institute reported late Tuesday.

Gasoline supplies are expected to shed 500,000 barrels, and distillates are slated to decline by 870,000 barrels.

Shares of


(ORCL) - Get Oracle Corporation Report

were up by 2.1% ahead of Wednesday's opening bell after a federal jury ruled that


(SAP) - Get SAP SE ADS Report

must pay the company $1.3 billion because of copyright infringement. Shares of SAP listed on the

New York Stock Exchange

were down 2.1% to $47.68.


(TIF) - Get Tiffany & Co. Report

saw its stock up 1.9% to $59.35 in early trading after the jewelry retailer reported a third-quarter profit of 43 cents a share on sales of $681.7 million and upped its year-end outlook. Analysts had been expecting third-quarter earnings of 37 cents a share on sales of $652.8 million.

In commodity markets, the January crude oil contract was up by 18 cents, to trade at $81.43 a barrel. The December gold contract was down by $3 to $1,374.60 an ounce.

The dollar traded higher against a basket of currencies with the dollar index up by 0.2%, and the benchmark 10-year Treasury note weakened 10/32, lifting the yield to 2.871%.


--Written by Melinda Peer in New York


Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.