NEW YORK (TheStreet) -- After one of the worst trading sessions of the year on Tuesday, U.S. stock futures were gaining momentum on Wednesday morning as traders awaited insight from the minutes of the latest Federal Reserve meeting and for earnings season to kick off in earnest after the bell.
Watch the video below for a closer look at how U.S. futures are doing in premarket trading Wednesday:
Over Tuesday's session, major indices plummeted more than 1.5% after the International Monetary Fund trimmed its global growth forecasts, citing weakness in the eurozone. Europe has a one-in-three chance of falling back into recession on deflation concerns, said the IMF's most recent global outlook report.
On the agenda are the Fed minutes from its Sept. 17 policy meeting which investors hope will give an indication as to when an interest rate hike could occur. New York Fed President William Dudley said in a speech Tuesday that an increase mid-2015 would be "reasonable," a sentiment shared by economists.
Aluminium giant Alcoa (AA , the unofficial forerunner of earnings season, will report its third quarter earnings after the closing bell. Analysts expect profit of 23 cents a share on $5.85 billion in revenue.
"The set-up for the third-quarter earnings season is almost a carbon copy of what transpired over the second quarter," Robert Keiser, vice president of Global Markets Intelligence, said of expectations across the S&P 500 companies heading into earnings.
"Initially, we had just below 7% growth expectations in Q2 and it turned out the results were much healthier at 10.3%. Now we've got a similar set-up," Keiser said.
Costco (COST posted earnings of $1.58 a share, 6 cents higher than expected, after comparable-store sales, excluding fuel, rose 7% in the quarter. Shares were up 2.5% before the bell.
Following Hewlett-Packard's (HPQ lead, security software company Symantec (SYMC is considering splitting into two, one business for security systems and the other for data storage, according to Bloomberg. The stock is gaining 4.3% on the report.
Yum! Brands (YUM reported a weak third quarter as a supplier scandal in China mid-year hurt sales at its KFC and Pizza Hut locations in the region. Profit of 87 cents a share missed by 2 cents and revenue slid 3.5% to $3.35 billion.
GT Advanced Technologies (GTAT will have its first bankruptcy hearing in a New Hampshire court mid-morning. A judge will determine how much of a role customer Apple (AAPL played in its Chapter 11 filing. Shares were up 32.2% premarket, though remain 89% lower for the week.
-- Written by Keris Alison Lahiff in New York.