Stocks aim for rebound after ugly Tuesday

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NEW YORK (CNNMoney) -- U.S. stocks were headed for a higher open Wednesday, one day after all three major indexes posted their worst losses of the year.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all up between 0.7% and 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.

Investors took solace Wednesday morning from declining yields on Spanish and Italian bonds. The yield on the 10-year Spanish bond briefly topped 6% before retreating to 5.88%; Italian 10-year yields, meanwhile, fell to 5.51% from 5.69%.

It's been a rough stretch lately for U.S. stocks, with the major indexes down more than 3% this month. The Dow and the S&P 500 have declined for five consecutive trading sessions.

The sell-off has been triggered by growing worries about Europe's fiscal health and global economic growth. A weak jobs report on Friday added to anxieties.

It's been an abrupt change of gears from the first three months of the year, when the Dow and S&P 500 enjoyed their best first quarter in over a decade.

"While it's important to be focused on what's happening in the European Union, I think this is probably just a settling that's happening right now -- giving back some of the gains," said Tim Speiss, chairman of personal wealth at EisnerAmper. "I think the underlying analysis is going to cause investors to stay in the markets and even consider enhancing their positions."

Investors will be looking for reason to reverse the recent losses as they shift their focus to the upcoming batch of corporate results. Aluminum producer Alcoa (AA, Fortune 500) rang in earnings season Tuesday with a surprise quarterly profit, and its shares were up 6% in premarket trading Wednesday.

Economy: Prior to the opening bell, the Bureau of Labor Statistics reported that U.S. import prices advanced 1.3% in March, while exports rose 0.8%.

Later in the day, the Treasury will release its March budget, and the Federal Reserve will present the April edition of the Beige Book, which is a summary of outlooks from the 12 district banks across the country.

Companies: Shares of Nokia (NOK) fell 11% in premarket trading Wednesday after the company lowered its first-quarter outlook. Nokia cited "competitive industry dynamics," the macroeconomic environment, and gross margin declines in its smart devices unit, in explaining the revision.

Electronics retailer Best Buy (BBY, Fortune 500) will remain in the spotlight for a second day, following the company's acknowledgment late Tuesday that CEO Brian Dunn unexpectedly resigned amid an investigation into his "personal conduct." Shares fell 5.9% Tuesday, though they were up 1.8% ahead of Wednesday's open.

Google (GOOG, Fortune 500) will report its quarterly results after the closing bell Thursday, while JPMorgan's (JPM, Fortune 500) will come Friday morning. Investors are hoping Alcoa's strong results are sign of more good things to come.

World markets: European markets were higher in mid-day trading. Britain's FTSE-100 (UKX) gained 0.8%, the DAX (DAX) in Germany climbed 1.4%, and France's CAC 40 (CAC40) was up 1.5%.

In Asia, Japan's Nikkei (N225) dropped by 0.8%%, while Hong Kong's Hang Seng (HSI) slipped 1.1% and the Shanghai Composite (SHCOMP) gained 0.1%.

Currencies and commodities: The dollar fell against the euro and the British pound but gained against the Japanese yen.

Oil for May delivery climbed $0.44 to $101.46 a barrel.

Gold futures for April delivery fell $0.30 to $1659.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.04% from 1.99% late Tuesday.