Investors eye recovery on Wall Street
Futures advance after big stock selloff; Fed minutes on tap, oil pushes higher to new trading record.
LONDON (CNNMoney.com) -- U.S. stocks looked set to rebound Wednesday from the previous session's selloff, even as crude prices soared to a new record.
At 5:37 a.m. ET, Nasdaq and S&P futures were higher, with a comparison to fair value suggesting a positive open.
Crude futures kept climbing Wednesday, with the front-month contract touching a new trading record of $129.75 a barrel in electronic trading. The government is due to report its weekly inventory report at 10:30 a.m. ET.
The rise in crude prices could push oil stocks higher. Oil companies will also be in focus as the Senate Judiciary Committee begins a hearing on gas prices.
On the economic front, investors will scrutinize the minutes from the Federal Reserve's April 30 meeting. The Fed lowered rates at that meeting but hinted it may be ready to pause its rate-cutting campaign. The Fed minutes are due out at 2 p.m. ET.
Stocks to watch include GM (GM, Fortune 500), Staples (SPLS, Fortune 500), Barnes and Noble (BKS, Fortune 500), Borders (BGP) and HP (HPQ, Fortune 500).
In global trade, most Asian stocks skidded into the red. European shares rose in morning trading. 
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