NEW YORK (CNNMoney.com) -- U.S. stocks were poised to extend gains Wednesday as choppy premarket trade followed a late-stage rally in the previous session.
Dow Jones industrial average, Nasdaq and S&P 500 futures were about 0.6% higher ahead of the opening bell.
Futures measure current index values against perceived future performance.
"This is a follow-through from yesterday," said Dave Rovelli, managing director at Canaccord Adams. "Sentiment has been so negative, and there was a relief rally late Tuesday."
But Rovelli doesn't expect stocks to hold their gains. "We're oversold, and this is a temporary bounce," he said.
U.S. stocks have been volatile amid ongoing concerns about Europe's debt crisis and the worldwide economic recovery.
On Tuesday, the Dow Jones industrial average (INDU) and S&P 500 (SPX) were on track for losses before a jump in commodity and financial shares helped trigger a late-session comeback.
Economy: A report on wholesale inventories comes out at 10 a.m. ET. Investors will also be watching the Federal Reserve's "beige book" reading on the nation's 12 economic districts, which is due at 2 p.m.
Fed chairman Ben Bernanke will testify at the House Budget Committee regarding economic and financial conditions. He will also speak in Richmond, Va., at a forum on the labor market.
World markets: European shares rose in morning trading. France's CAC 40 and the DAX in Germany were up about 1%, while Britain's FTSE 100 rose 0.4%.
Asian markets ended mixed. Japan's benchmark Nikkei index tumbled 1% but the Shanghai Composite rallied 2.8%. Hong Kong's Hang Seng index added 0.7%.
Dollar and commodities: The dollar was fell against major rivals early Wednesday. The U.S. currency was lower against the euro, British pound and Japanese yen.
U.S. light crude oil for July delivery rose $1.39 to $73.38 a barrel.
COMEX gold's August contract fell $10.60 to $1,235 per ounce.
Bonds: Treasury prices were slightly higher, pushing the benchmark 10-year note's yield down to 3.21% from 3.22% late Tuesday. Bond prices and yields move in opposite directions. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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