Stocks poised to rebound

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to rise at the start of trading Wednesday, as investor fears about the economic outlook eased and global markets stabilized.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were about 1% higher.

Futures measure current index values against perceived future performance.

"We've got a bit of rebound in risk trade appetite today," said Art Hogan, chief market strategist at Jefferies & Co. "Gains in European stocks is a healthy sign, as we haven't seen much of that the past three weeks."

Global markets have been turbulent amid worries about global growth and tensions in Korea. On Tuesday, U.S. stocks dived at the start of trading but erased most of the losses by the market close.

Hogan also noted that commodities were rallying early Wednesday, implying they had decoupled from the weak euro-strong dollar trend in which the foreign exchange market has been stuck. A firmer dollar tends to put pressure on commodities, as they are priced in the U.S. currency around the world.

World markets: Stocks around the world rebounded. In morning trading in Europe, the CAC 40 in France surged 3.2%. Britain's FTSE 100 jumped 2.5% and the DAX in Germany climbed 2.4%

Asian shares finished the session higher. The Hang Seng in Hong Kong rose 1.1% and Japan's Nikkei added 0.7%. The Shanghai Composite edged higher 0.1%.

Economy: Ahead of the opening bell, the Commerce Department showed durable goods orders rose 2.9% in April, much more than expected, for the fourth increase in the past five months.

But excluding transportation equipment, orders fell 1%. Economists predicted orders excluding transportation had risen 0.5%.

Shortly after U.S. markets open, the Commerce Department will release a report on new home sales in April. That number is expected to have risen to a seasonally adjusted 425,000-unit annual rate from a 411,000-unit rate in March.

The weekly oil inventories report is due from the Energy Information Association at 10:30 a.m. ET.

Also on Wednesday, the president's fiscal responsibility commission will meet.

Oil spill: The House Natural Resources Committee will hold a hearing on the Gulf oil spill. The hearing will focus on the cause of BP (BP)'s oil rig explosion and its implications for the future of offshore oil and gas policy.

Dollar and commodities: The euro continued falling against the dollar, down 0.6% against the U.S. currency Wednesday.

The greenback was up 0.3% against the British pound, and it was flat versus the Japanese yen.

U.S. light crude oil for July delivery gained $1.68 to $70.43 a barrel. COMEX gold's June contract leaped $12.50 to $1,210.50 per ounce.

Bonds: Treasury prices were lower early Wednesday, pushing the benchmark 10-year note's yield up to 3.24%. Bond prices and yields move in opposite directions.