NEW YORK (TheStreet) -- Stock futures were rebounding on Wednesday after durable goods orders in July came in far better than expected.
S&P 500 futures were up 2%, Dow Jones Industrial Average futures climbed 2%, and Nasdaq futures jumped 2.1%.
U.S. durable goods orders posted a surprise increase of 2% in July as business investment saw its biggest increase in 13 months. Orders for core capital goods jumped 2.2%. Economists had expected the headline number to decrease 0.6%.
The People's Bank of China made another move to revive its economy on Wednesday after announcing plans to inject 140 billion yuan ($21.80 billion) into its financial system. The stimulus will take the form of a short-term liquidity adjustment (SLO) operation, a measure introduced in 2013 to calm fluctuations in liquidity.
China's stock market was gripped with volatility on Wednesday, ending down 1.3% after whipping between gains and losses as big as 4%. A day earlier, the People's Bank of China cut interest rates, its latest attempt to revive a flagging economy.
Global markets were mixed on Wednesday. Germany's DAX fell 0.44%, France's CAC 40 slipped 1.9%, and the FTSE 100 in London slid 0.41%. In Asia, the Hang Seng in Hong Kong tumbled 1.5% but Japan's Nikkei rose 3.2%.
High-momentum tech stocks were again on the move in premarket trading on Wednesday after big losses suffered earlier in the week. Apple (AAPL) - Get Report jumped 2.5%, Netflix (NFLX) - Get Report climbed 4.5%, Google (GOOGL) - Get Report added 3.4%, Facebook (FB) - Get Report was up 3%, and Amazon (AMZN) - Get Report rose 3.1%.
In U.S. markets Tuesday, rally momentum faded in the final hour of trading after a promising morning that wiped out the losses of "Black Monday." Benchmark indexes closed out the day with losses of more than 1%.
On the economic calendar on Wednesday, durable goods orders for July will be released before the bell and weekly crude inventories are due out mid-morning.
Schlumberger (SLB) - Get Report slumped more than 6% before the bell after announcing it will acquire oilfield equipment company Cameron International (CAM) in a cash-and-stock deal worth $14.8 billion. The deal values Cameron at a 56% premium to its closing price on Tuesday.
Transocean (RIG) - Get Report fell more than 2% after it said its board is looking to suspend its quarterly dividend payments for the remainder of the year. Transocean's board will present the proposal at its Oct. 29 shareholder meeting.
Express (EXPR) - Get Report shares were on watch after a better-than-expected second quarter. The retailer earned 25 cents a share, 9 cents above forecasts, while sales of $535.58 million jumped 11.3% from a year earlier.
Abercrombie & Fitch (ANF) - Get Report jumped nearly 20% in premarket trading after swinging to a surprise quarterly profit. The company earned 12 cents a share, far better than an expected loss of 4 cents a share. The retailer reported same-store sales down 4%, narrower than a forecast 4% drop.