Following the lackluster performance seen in the previous session, stocks may move to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.

Traders may once again look to pick up stocks at relatively reduced levels following recent weakness in the markets.

While the Dow managed to snap a six-day losing streak on Tuesday, the Nasdaq and the S&P 500 closed lower for the third straight session, falling to their lowest closing levels in almost two months.

However, recent bargain hunting efforts have been thwarted by ongoing concerns the Federal Reserve will hold off on cutting interest rates until later in the year.

A lack of major U.S. economic data may also keep some traders on the sidelines, although the Fed’s Beige Book may attract some attention later in the day.

Among individual stocks, shares of United Airlines (UAL) are moving sharply higher in pre-market trading after the airline reported a much narrower than expected first quarter loss.

Media company Omnicom (OMC) may also see initial strength after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.

On the other hand, shares of Travelers (TRV) may come under pressure after the insurance giant reported weaker than expected first quarter results.

Transportation and logistics company J.B. Hunt (JBHT) is also seeing significant pre-market weakness after reporting first quarter results that missed analyst estimates.

Stocks showed a lack of direction over the course of the trading day on Tuesday, as traders took a breather following the sell-off seen over the two previous sessions. The major averages bounced back and forth across the unchanged line before eventually closing narrowly mixed.

While the Dow rose 63.86 points or 0.2 percent to 37,798.97, snapping a six-session losing streak, the Nasdaq edged down 19.77 points or 0.1 percent to 15,865.25 and the S&P 500 slipped 10.41 points or 0.2 percent to 5,051.41.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index slumped by 1.3 percent, while China’s Shanghai Composite Index surged by 2.1 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has jumped by 1.4 percent, the U.K.’s FTSE 100 Index and the German DAX Index are up by 0.7 percent and 0.6 percent, respectively.

In commodities trading, crude oil futures are falling $0.64 to $84.72 a barrel after edging down $0.05 to $85.36 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,400.60, down $7.20 compared to the previous session’s close of $2,407.80. On Tuesday, gold jumped $24.80.

On the currency front, the U.S. dollar is trading at 154.64 yen compared to the 154.72 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0633 compared to yesterday’s $1.0619.