Stock Futures Edge Up as Traders Eye Earnings

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U.S. equity futures climbed on Wednesday after aluminum heavyweight Alcoa posted upbeat earnings and traders awaited minutes from the Fed's last meeting.

Today's Markets

As of 7:55 a.m. ET, Dow Jones Industrial Average futures rose 38 points, or 0.23%, to 16218, S&P 500 futures advanced 3 points, or 0.15%, to 1848 and Nasdaq 100 futures climbed 10 points, or 0.28%, to 3538.

Wall Street posted its first gains in four days on Tuesday as traders cautiously scooped up some beaten down growth stocks. The encouraging sentiment persisted into Wednesday after Alcoa (NYSE:AA), the aluminum giant, revealed adjusted earnings that topped expectations. Other earnings on tap this week including banking behemoths JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC).

The economic calendar is fairly light early in the day. However, the Federal Reserve releases minutes from its meeting that ended on March 19 at 2 p.m. ET. These minutes could prove particularly interesting since the central bank ditched its quantitative guidance at that meeting. Janet Yellen also said the Fed could start hiking short-term interest rates from record lows as soon as six months after it completes its bond-purchasing program in a move that roiled markets.

"Unless the FOMC minutes today confirm that a rate hike will come earlier ... the onus will be back on U.S. data to start surprising on the upside to lift sagging [Treasury] yields and thereby the currently out-of-favour [U.S. dollar]," analysts at Societe Generale wrote in a note to clients.

Elsewhere, Goldman Sachs (NYSE:GS) is said to be shuttering its dark pool, which lets certain investors trade shares off the major exchanges, according to a report by FOX Business's Charlie Gasparino. The No. 1 U.S. investment bank denied the report. Constellation Brands (NYSE:STZ) saw its quarterly profits nearly double on solid beer sales.

U.S. crude oil futures climbed 15 points, or 0.15%, to $102.71 a barrel. Wholesale New York Harbor gasoline rose 0.31% to $2.99 a gallon. Gold fell $5.30, or 0.39%, to $1,304 a troy ounce.