Stocks ready to recover

LONDON (CNNMoney.com) -- U.S. stock futures were stronger Wednesday morning as investors regained their poise after the past session's flight to quality.

At 6:36 a.m. ET, Nasdaq and S&P futures were higher, with a comparison to fair value pointing to a positive start for Wall Street.

Investors fled stocks in favor of safe-haven Treasury bonds on Tuesday as fresh concerns about the health of the U.S. economy hit markets. Another weak housing report, coupled with a big drop in consumer confidence, sparked a 280 point-drop on the Dow Jones industrial average.

Minutes from the Federal Reserve's last meeting also contributed to jitters, as they showed policymakers were concerned the turmoil in financial markets could hurt economic growth. (Read the Fed minutes)

After the heavy selling, stocks may be ready for a rebound, although investors continued to load up on bonds. Treasury prices edged higher, lowering the yield on the benchmark 10-year note to 4.51 percent from 4.52 percent late Tuesday.

Investors will get a break from the deluge of economic data, with the government's weekly report on crude inventories the only major release on tap.

Oil prices rose ahead of that report, due at 10:30 a.m. ET. U.S. light crude for September delivery added 30 cents to $72.03 a barrel in electronic trading.

Companies in focus on Wednesday include State Street (Charts, Fortune 500), whose shares have been falling amid concerns over its reported $29 billion exposure to conduits - a type of investment vehicle that has been hit by a contraction in the commercial paper market.

Internet search leader Google (Charts, Fortune 500) said Tuesday its chief financial officer George Reyes plans to retire by the end of the year.

Also on Tuesday, Wendy's International (Charts) said it had agreed to let billionaire investor Nelson Peltz access its books as his investment firm considers making a bid for the burger chain.

On the earnings front, turnaround efforts at discount retailer Big Lots (Charts, Fortune 500) appear to be paying off. The company posted a sharp rise in quarterly profit, boosted by robust sales.

Concerns about the health of the U.S. economy spread to global markets. Major markets in Asia took a big hit, and European markets tumbled in morning trading.