NEW YORK (TheStreet) -- Stock futures were rising modestly on Wednesday morning, following European markets higher. 

S&P 500 futures rose 0.38%, Dow Jones Industrial Average futures added 0.32%, and Nasdaq futures gained 0.36%.

"The market will have little guidance from the U.S. data today and with the [Federal Reserve] in the blackout period ahead of next week's FOMC meeting, the market is likely to take direction from Europe," said Millan Mulraine, deputy head of U.S. strategy at TD Securities. 

European markets were higher, with Germany's DAX up 1.3%, as investors focused on big moves in the pharmaceutical sector and shook off concerns over bonds and Greece's future that have plagued the eurozone in the past week. Drugmakers Roche Holding  (RHHBY) and Novartis  (NVS) were among the biggest movers on European markets. 

Netflix (NFLX) shares moved 1.1% higher in premarket trading after stockholders approved a proposal for the board to issue more shares. The move will see Netflix increase its shares outstanding to 5 billion from the current 170 million, a step that increases the likelihood of a stock split. 

Tesla (TSLA) will begin deliveries of its Model X vehicle in three to four months, according to CEO Elon Musk. Tesla has accepted 20,000 reservations for the model, which has seen production delays due to technical issues.

Target (TGT) confirmed it will raise its dividend 7.7% to 56 cents a share and expand its buyback program by $5 billion after some unintended confusion. The retailer issued the press release on its Web site before retracting it for unknown reasons. 

Sanofi (SNY) shares were slightly higher after federal health experts recommended approval for its cholesterol drug developed with Regeneron Pharmaceuticals (REGN). The injectable drug was recommended in a 13-3 vote.. 

Apple (AAPL) shares were on watch after attorneys general of New York and Connecticut launched an investigation into the recently announced Apple Music streaming service over antitrust laws. The investigation will determine whether the tech giant coerced labels to withdraw support from competing services such as Spotify and Pandora (P). 

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