Stocks May See Small Bounce as Traders Look Ahead to Beige Book

The major U.S. index futures are pointing to a higher opening on Wednesday, with some early negativity mitigated by a rebound by European stocks. Across the Atlantic, stocks are deriving some support a rally in the shares of BP (BP) after the company released an internal report on Gulf blowout. The Beige Book to be released in the afternoon will have some meaningful impact on the markets depending on how the report qualifies growth based on anecdotal evidence from the Federal Reserve districts.