Futures: Can Nasdaq S&P 500 Extend Rebound? Big Box Retailers Climb

Stock futures simmered early Wednesday, posting premarket gains as the Nasdaq and S&P 500 looked to revive the rebound stalled in a weak session on Tuesday.

XAutoplay: On | Off Futures for the Nasdaq 100 and the Dow Jones industrial average flexed up 0.3% above fair value. S&P 500 futures climbed 0.2%. Small caps traded higher, looking for a rebound after a tough session on Tuesday, sending Russell 2000 futures up 0.3%.

The Nasdaq Composite and S&P 500 had rebounded back above their 50-day lines on Friday, seconding the bounce in Monday's strong session. Tuesday stalled the rebound for both, although the Dow Jones industrial average did eke out a narrow gain in weak trade. The Russell 2000 is looking to restart its rebound, after finding support at its 200-day moving average on Friday.

Homebuilders will be in focus this morning as the Commerce Department's July housing starts report gives some sense of how the housing cycle is playing out over the busy summer season. Oil prices will also get some attention, as the Energy Information Administration prepares to deliver weekly inventories data at 10:30 a.m. ET.

Investors will keep a close eye on banks and other interest rate-sensitive issues, to see how they react to minutes from the Federal Open Market Committee's July meeting, set for release at 2 p.m. ET.

Wal-Mart, Target Lead Retail Gains, Agilent Jumps, Mylan Gets Upgrade

Retailers again grabbed early attention, this time with some positive news, as Wal-Mart (WMT) rose 1.2% to lead the Dow in premarket action. The stock is working to gain altitude after clearing a cup base buy point at 80.57. Wal-Mart reports earnings early Thursday.

Target (TGT) jumped 5% after reporting both earnings and revenue were better than expected in the second quarter. Same-store-sales rose 1.3%, vs. expectations for a 0.3% rise, as traffic to the stores and online advanced 2.1%. The stock has been attempting to muster a rebound since mid-June, but remains deep in a multi-year correction.

Urban Outfitters (URBN) rocketed 19% higher as its second-quarter sales and earnings decreased less than forecast. Overall comparable retail segment sales declined 4.9%, the company said, with retail sales lagging while direct-to-consumer (online) sales continued to expand. The stock has been fighting to hold above an early June low, attempting to form a bottom to a deep, 19-month correction.

Agilent Technologies (A) jumped 4% after its late-Tuesday report showed revenue and earnings comfortably above expectations for its fiscal third quarter. The maker of research and diagnostics tools for drug and genetics developers also lifted its Q4 earnings and revenue guidance above consensus targets. The stock is trading below 10-week support after falling below a 61.25 buy point in a flat base.

Drugmaker Mylan (MYL) leapt 3% to top the Nasdaq 100 ahead of the open. Citigroup upgraded the stock — which has taken a steep, three-week dive — to buy, from hold.

After today's close, Cisco Systems (CSCO), NetApp (NTAP) and Vipshop Holdings (VIPS) are among the companies scheduled to deliver quarterly results.

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