Stocks perked up early Wednesday as earnings beats from Procter & Gamble (PG) - Get Report and Time Warner (TWX) spurred buyer interest.

Index futures recently showed the

S&P 500

trading 3 points above fair value, while the Nasdaq 100 was set for a 6-point gain. The 10-year Treasury bond rose 4/32 in price to yield 4.96%, while the dollar rose against the yen and euro.

Overseas markets were uniformly higher, with London's FTSE 100 adding 0.5% to 5910 and Germany's Xetra DAX rising 1% to 5650. In Asia, Japan's Nikkei rose 0.2% overnight to 15,464, while Hong Kong's Hang Seng climbed 0.7% to 17,032.

Oil rose ahead of weekly inventory data, as tropical storm Chris strengthened in the Caribbean. The storm is expected to become a hurricane Wednesday. In electronic Nymex trading, September crude gained 54 cents to $75.45 a barrel.

Stocks fell for a second-straight session on Tuesday, with the

Dow Jones Industrial Average

losing 60 points to 11,125, the S&P 500 falling 6 points to 1271 and the

Nasdaq Composite

down 30 points to 2062.

In early earnings, Time Warner swung to a second-quarter profit of $865 million, or 20 cents a share, reversing a loss of $425 million, or 9 cents a share, last year. Results beat the Thomson First Call average estimate by a penny. Revenue rose 1.1% to $10.71 billion, but missed forecasts. Still, shares were up 35 cents, or 2.2%, to $16.60 on Instinet.

Procter & Gamble said it had fiscal fourth-quarter earnings of $1.9 billion, or 55 cents a share, up 36% from a year ago. Sales jumped 25% to $17.84 billion from last year. Analysts expected EPS of 54 cents on $17.5 billion in sales, according to Thomson First Call. Shares were adding 39 cents, or 0.7%, to $56.32 in premarket trading.

To view Farnoosh Torabi's video take on today's market, click here