Stock Futures Rebound From Selloff

Stock futures pointed to a higher open Wednesday, climbing back after the previous session's steep selloff as investors looked ahead to the afternoon release of the Federal Reserve's Beige Book report.
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NEW YORK (

TheStreet

) -- Stock futures pointed to a higher open Wednesday, climbing back after the previous session's steep selloff as investors looked ahead to the afternoon release of the

Federal Reserve's

Beige Book report.

Futures for the

Dow Jones Industrial Average

were up by 21 points, or 43 points above fair value, at 10,964. Futures for the

S&P 500

were up by 4 points, or 5 points above fair value, at 1167, and

Nasdaq

futures were higher by 8 points, or 8 points above fair value.

Stocks plunged Tuesday after China unexpectedly hiked rates and as investors worried that banks may be forced to repurchase soured mortgage-backed securities.

Wells Fargo

(WFC) - Get Report

topped earnings expectations by a nickel on Wednesday with a profit of 60 cents although revenue of $20.87 billion fell short of the $20.95 billion that analysts had projected. Shares were down 1.8% at $24.10 in premarket trading.

Shares of

Morgan Stanley

(MS) - Get Report

were off by 2.5% at $24.75 in early trading after it said third-quarter earnings fell to $313 million, or 5 cents a share, from $936 million, or 50 cents a share, a year ago. The profit missed estimates for earnings of 15 cents a share.

At 10:30 a.m. EDT, the Energy Information Administration will release its weekly read on energy inventories. Analysts polled by Platts are anticipating an increase of 2.1 million barrels to crude oil supplies in the week ended Oct. 15. Gasoline and distillate stocks are slated to decrease, by 1.2 million barrels and 1.3 million barrels, respectively.

The afternoon session brings the release of the Federal Reserve's Beige Book for October at 2 p.m. The report, a compilation of anecdotal evidence on economic conditions across the Fed's 12 districts, is what the Federal Open Market Committee will reference during its next Nov. 2-3 policy-setting meeting.

eBay

(EBAY) - Get Report

will report earnings after the closing bell. According to Briefing.com, analysts are expecting a profit of 37 cents a share.

Boeing

(BA) - Get Report

surpassed expectations with third-quarter earnings of $1.12 a share on sales of $17 billion, sending shares up 2.1% ahead of Wednesday's opening bell. Analysts had expected a profit of $1.06 a share on sales of $16.8 billion. The company also said its order book grew by $25 billion.

Piper Jaffray

(PJC) - Get Report

reported a 24% dip in third-quarter net income but managed to top analysts' estimates on strong revenue from advisory services and municipal financing.

United Technologies

upped its year-end guidance to the high end of its previous range at $4.70 a share and announced third-quarter net earnings of $1.30 a share on sales of $13.53 billion. Analysts had been looking for a profit of $1.28 a share on sales of $13.92 billion.

In commodity markets, November crude oil gained 87 cents to trade at $81.03 a barrel, while the December gold contract rose $5.60 to $1,341.60 an ounce.

Meanwhile, the dollar was trading lower against a basket of currencies, with the dollar index down by 0.6%, and the benchmark 10-year Treasury note fell 2/32, increasing the yield to 2.488%.

Overseas, Hong Kong's Hang Seng fell 0.9% and Japan's Nikkei lost 1.7%. The FTSE in London inched 0.4% higher and the DAX in Frankfurt was ahead by 0.3%.

--Written by Melinda Peer in New York

.

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