Good news for the global economy could set the tone for markets Wednesday after China turned in a stronger than expected performance in the second quarter.
Here are the four things you need to know before the opening bell rings in New York:
1. China GDP: The world's second biggest economy grew by 7.5% compared with the same period last year, despite continued worries about a slowdown in real estate. It was the first time the economy has accelerated in three quarters, putting China on a somewhat better footing to reach its official growth target of 7.5% for 2014.
2. Earnings roll in: After JPMorgan and Goldman Sachs both beat expectations with their quarterly reports Tuesday, it's Bank of America's turn to publish earnings before the opening bell Wednesday. PNC will also report earnings before the bell, while eBay will report after the close.
3. Stock market movers -- Intel, IBM, Apple, Yahoo: Shares of Intel rose by nearly 5% premarket after the company posted earnings that beat expectations and announced plans to boost its share repurchase program by $20 billion. Shares of both IBM and Apple were also nearly 2% firmer premarket after they announced they would join forces to offer iPhones and iPads preloaded with special software developed by IBM.
Yahoo was heading in the opposite direction, falling more than 2% premarket after second quarter revenue and profits missed forecasts.
4. Market overview: European markets bounced about 1% higher, encouraged by China's growth figures, and U.S. stock futures were trading about 0.3% firmer.
U.S. stocks closed mixed Tuesday. The Dow Jones Industrial Average closed about 5 points higher, but the S&P 500 and the Nasdaq ended the day lower after the the Federal Reserve warned of a bubble in social media and biotech stocks.
Asian markets were also mainly firmer.