NEW YORK (TheStreet) -- Stock futures prepared to bounce back on Wednesday morning after heavy losses sustained on Wall Street a day earlier. 

S&P 500 futures were up 0.31%, Dow Jones Industrial Average futures climbed 0.24%, and Nasdaq futures added 0.24%. 

A day earlier, benchmark indexes dropped more than 1% and settled at one-month lows as uncertainty over a Federal Reserve rate hike timeline played havoc with stocks. Speculation over the Fed pushed the dollar to 12-year highs, which then punished crude oil and other commodity prices.

China's Shanghai Composite was slightly higher as a slew of poor economic data raised the prospects of increased stimulus. Factory production over the first two months of the year increased 6.8%, lower than an anticipated 7.8% gain. Over the same period, retail sales added 10.7%, below forecasts of 11.7%. 

European markets were moving sharply higher on the third day of the European Central Bank's quantitative easing plan. The central bank began to purchase sovereign bonds on Monday in an effort to revamp eurozone growth and perk up inflation. 

Major U.S. banks will undergo round two of Fed stress tests after the bell Wednesday, in which the central bank releases its examinations of capital return plans. Bank of America (BAC), Citigroup (C), and Goldman Sachs (GS) were all higher before the bell. 

Zogenix (ZGNX) was down more than 13% after announcing plans to sell its Zohydro painkiller business to Pernix Therapeutics (PTX) for $100 million upfront and $283.5 million in milestone payments. 

American Realty Capital Properties (ARCP) spiked nearly 6% premarket after Glenn Rufrano was named new CEO effective April 1. An interim CEO has been in place since December. 

Google (GOOGL) added nearly 1% on reports it is close to buying Bangalore start-up InMobi, according to The Economic Times. InMobi, a mobile advertising network, has reportedly been seeking a valuation of more than $2 billion. 

General Mills (GIS) climbed 0.73% after hiking its quarterly dividend to 44 cents a share, 7.3% higher than a previous 41 cents. 

Express (EXPR) jumped 7.5% after beating quarterly estimates on its top- and bottom-line. The retailer also guided for first-quarter earnings between 11 cents and 14 cents a share, better than consensus of 11 cents.