U.S. futures higher ahead of data; Dow Jones up 0.19%

U.S. stock futures pointed to a higher open on Wednesday, as investors eyed the release of U.S. data and a string of fresh earnings reports later in the day, amid sustained uncertainty over the future of the Federal Reserve's stimulus program. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.19% gain, S&P 500 futures signaled a 0.28% rise, while the Nasdaq 100 futures indicated a 0.88% climb. 

Investors remained cautious as weaker U.S. data recently dampened expectations that the Fed will scale back its easing program later this year. 

Last week Fed Chairman Ben Bernanke said the bank could start tapering bond buying by the end of the year if the economy continues to improve, but added that there was no “preset course.” 

Markets were also jittery after the preliminary reading of China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. 

Tech giant Apple was expected to remain in focus after topping analysts' earnings projections in its fiscal third quarter, even as profit declined from a year earlier and sales were largely flat. 

After the close of the U.S. trading session on Tuesday, the company reported earnings of USD7.47 a share, beating the USD7.30 average estimate. Apple shares surged 3.90% in pre-market trade. 

In the same sector, Dell shares climbed 0.62% pre-market as the company's postponed special shareholder meeting was to take place later in the day. Shareholders were to vote on Chief Executive Officer Michael Dell's takeover proposal. 

Also in earnings news, AT&T posted profit that fell just below analysts' estimates as costs rose for smartphone discounts used to persuade more customers to sign long-term contracts. The news sent shares in the U.S. phone company down 0.45% in extended trading. 

Elsewhere, Juniper Networks was also likely to be active, as the company announced the retirement of CEO Kevin Johnson, even as sales and profit forecasts beat estimates. 

Other stocks expected to be in focus included Boeing, Caterpillar, Pepsico, Ford, Delta Air Lines, Seagate, US Airways, WellPoint Health, Tupperware and Potlatch, all scheduled to post second quarter results later in the day. 

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 advanced 0.85%, France’s CAC 40 jumped 0.88%, Germany's DAX gained 0.63%, while Britain's FTSE 100 climbed 0.70%. 

During the Asian trading session, Hong Kong's Hang Seng Index added 0.24%, while Japan’s Nikkei 225 Index slid 0.32%. 

Later in the day, the U.S. was to produce official data on new home sales.