Stocks head for solid end to choppy month

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NEW YORK (CNNMoney) -- U.S. stocks were poised to end the choppy month of August on a high note with a fourth straight day of gains Wednesday, as investors await a raft of economic data.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up about 0.8% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Stocks had a rough day Tuesday, opening slightly lower, only to sink sharply following a weak consumer confidence report. But stocks managed to bounce back in the afternoon and eke out modest gains following the latest Fed minutes.

Tuesday's bumpy ride resembles the jerky trading on Wall Street throughout August. A downgrade by Standard & Poor's early in the month acted as the catalyst for two weeks of wild swings as investors feared the U.S. would tip back into a recession. In fact, August is on track to be worst month for stocks in over a year.

The Dow has tumbled almost 5% this month, while the S&P 500 and Nasdaq are off more than 6%.

Fed debated QE3 at August meeting

As concerns about a stalling economic recovery and questions about the Fed's next steps continue to mount, investors will keep a close eye on Thursday's big batch of economic data.

Some analysts say that Tuesday's Fed meeting minutes suggest that the central bank will announce new steps to spur economic growth, even as early as next month when it convenes for a meeting on monetary policy.

"The focus will not be whether there will be a policy response but rather the debate centers around what form -- QE, duration shifts, or a cut in rate received on excess reserves -- and when," said Marc Chandler, global head of currency strategy at Brown Brother Harriman.

He added that the trend in economic data over the next several weeks will drive the the debate among Fed members.

Wall Street will digest two reports on the job market, ahead of Friday's highly-anticipated employment report for August.

The readings from outplacement consulting firm Challenger, Gray & Christmas and from payroll processing firm ADP, are typically an indicator ahead of the government's monthly jobs report.

A CNNMoney survey of 17 economists forecasts that the U.S. economy added 80,000 jobs, and the unemployment rate remained at 9.1% in August.

Reports on factory orders and and regional manufacturing activity are also on tap.

Economy: The number of planned job cuts fell 23% in August, according to outplacement consulting firm Challenger, Gray & Christmas.

Meanwhile, private-sector payrolls rose by 91,000 in August, according to payroll processor ADP. Economists were expecting the private sector to hire 100,000 new workers during the month, down from the 109,000 in the prior month.

In other economic data, the Commerce Department will release June factory orders data. Economists are looking for factory orders to fall 1%

Companies: Shares of Exxon Mobil (XOM, Fortune 500) edged up 0.4% in premarket trading, after the company announced late Tuesday that it has entered into a partnership with Russian oil giant Rosneft. The deal gives Exxon Mobil access to vast Arctic oil deposits and Rosneft a leg up in cutting-edge oil technology.

Bank of America's (BAC, Fortune 500) stock rose 1.5% after the Wall Street Journal said the bank is selling its correspondent mortgage business, citing unnamed sources familiar with the matter.

Shares of Oracle (ORCL, Fortune 500) edged down 0.3% after a separate report from the Journal said that U.S. government authorities from the Justice Department, the Federal Bureau of Investigations and the Securities and Exchange Commission are investigating the software giant's business practices in Africa.

World markets: European stocks were modestly higher in morning trading. Britain's FTSE (FTSE) 100 gained 1%, the DAX (DAX) in Germany added 1.3%and France's CAC (CAC) 40 increased 1.6%

Asian markets ended the session ended higher. The Shanghai Composite (SHCOMP) and Japan's Nikkei (N225) were only slightly higher, while the Hang Seng (HSI) in Hong Kong spiked 1.6%.

Currencies and commodities: The dollar edged higher against the euro, and the British pound, but the greenback was lower versus the Japanese yen.

Oil for October delivery slipped 91 cents to $87.99 a barrel.

Gold futures for December delivery fell $2 to $1,827.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 2.17% from 2.18% late Tuesday.