Stock futures traded higher Wednesday as Wall Street tries to recover its footing after a tough first session of the year.
Futures for the Dow Jones Industrials gained 73 points, or 0.2%, early Wednesday to 33,351.
Futures for the S&P 500 picked up 10.75 points, or 0.3%, to 3,856.75.
Futures for the NASDAQ Composite jumped 53 points, or 0.5%, to 10,998.50.
UBS analyst Karl Keirstead downgraded Microsoft shares to neutral from buy, citing concern around the tech giant's Azure and Office businesses.
Sentiment was boosted in part by encouraging inflation data from Europe, including a greater-than-expected decline in the French consumer price index and a drop in German import prices.
U.S. stocks started 2023 on a downbeat note Tuesday as rising rate concerns, high inflation and recessionary fears crushed hopes that Wall Street could kick off the new year on a positive note. The S&P 500 slid 0.4% and NASDAQ Composite lost 0.8%, while the Dow closed just below breakeven. The major indexes were also pressured by steep declines in Apple and Tesla shares
Investors will gain more insight into what Fed members are thinking on Wednesday afternoon as minutes from the central bank's latest policy meeting are released. Earlier in the day, the Job Openings and Labor Turnover Survey, or JOLTS, and ISM manufacturing data are due out.
In Japan, the Nikkei 225 subsided 1.5% Wednesday, while in Hong Kong, the Hang Seng Index popped 3.2%.
Oil prices surrendered $2.58 to $74.35 U.S. a barrel.
Gold prices hiked $13.10 to $1,859.20 U.S. an ounce.