Futures Follow European Stocks Higher

NEW YORK ( TheStreet) -- Stock futures were rising Wednesday on signs that European leaders are nearing a unified plan to stabilize the eurozone.

Futures for the Dow Jones Industrial Average were up by 107 points, or 84 points above fair value, at 11,437. Futures for the S&P 500 were gaining 11 points, or 10 points above fair value, at 1201, and Nasdaq futures were ahead by 23 points, or 21 points above fair value.

European Commissioner Olli Rehn said the eurozone is nearing a consensus on plans to stabilize the region's debt crisis during a speech in Dublin, helping offset uncertainty from the prior day when Slovakia become the only country to vote against a July 21 agreement to expand the European Financial Stability Facility; all 17 eurozone members must approve the expansion before it can pass. A second vote is expected later this week, and the largest party that opposed the plan, Smer, said it will support the expansion in the second round, ensuring it will pass, according to a Bloomberg report.

London's FTSE was adding 0.5%, and Germany's DAX was jumping 1.4%. Japan's Nikkei Average declined 0.4%, while Hong Kong's Hang Seng rose 1%.

Uncertainty regarding the vote kept stocks near the flat line on Tuesday, resulting in a mixed close just a day after the Dow saw its largest percentage gain in two months.

Aluminum producer Alcoa ( AA) unofficially kicked off the beginning of the third-quarter earnings season late Tuesday with lower-than-expected earnings. The company reported a profit of 15 cents a share vs. a consensus estimate of 22 cents per share. Sales of $6.42 billion, however, exceeded projections for revenue of $6.22 billion. Wall Street had been expecting some pressure on earnings because of the recent plunge in aluminum prices. Shares of Alcoa were losing 4.2% to $9.87 during premarket trading on Wednesday.

Shares of PepsiCo ( PEP) were rising 0.9% to $61.50 ahead of Wednesday's opening bell after the company said third-quarter profit jumped 4% on strength across its snacks and beverage businesses and from the acquisition of Russian dairy and juice company Wimm-Bill-Dann.

Hewlett-Packard ( HPQ) is reconsidering a plan to spin off its personal-computer business, according to a Wall Street Journal report, which also said that new CEO Meg Whitman is hoping to make a final decision by the end of the month.

TE Connectivity ( TEL), a Swiss electronic components company, saw its stock gain 5.9% to $32.50 in late trading Tuesday on news that it will replace Cephalon in the S&P 500 because Cephalon is being acquired by Teva Pharmaceutical Industries ( TEVA).

Investors are also anticipating more clarity surrounding Operation Twist, which the Federal Reserve introduced at the conclusion of its two-day meeting in late September, when the central bank releases minutes from the meeting at 2 p.m. ET.

In commodity markets, gold for December delivery was gaining $24.60 to trade at $1,685.60 an ounce. The November crude oil contract was adding 42 cents to trade at $86.23 a barrel.

The benchmark 10-year Treasury was falling 19/32, pushing the yield to 2.215%. The dollar index, a measure of the dollar's value against a basket of currencies, was down 0.82%.

-- Written by Melinda Peer in New York.

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

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