Among the first companies to report earnings was Yum Brands (NYSE: YUM). The fast-food chains operator announced after U.S. markets closed Tuesday higher-than-expected profit despite a 3% drop in world-wide sales. The company also raised its outlook on full-year earnings. Shares of Yum rose nearly 2% in after-hours trading.

On Wednesday, aluminum-maker Alcoa (NYSE: AA) will be the first of the Dow industrials to report earnings after the markets close. Its shares were more than 2% higher in pre-market trading to $14.22. Analysts expect the company to lose 11 cents a share -- its fourth consecutive quarterly loss -- on estimated revenue of $4.55 billion.

Other stocks to watch include Amazon.com (NASDAQ: AMZN), which announced its cutting the price of its Kindle electronic book reader to $259 -- a $40 drop. Shares of Apple Inc. (NASDAQ: AAPL) were also higher ahead of the opening bell. Late yesterday, AT&T (NYSE: T) suddenly reversed restrictions on voice-over-Internet calls on Apple's popular iPhones, following a deal by Verizon (NYSE: VZ) and Google (NASDAQ: GOOG) that would allow such calls using Google Voice on two models using the search-engine company's Android operating system. Shares of Google were slightly lower ahead of market open.

Overseas, Asian and European markets were higher. The Hang Seng in Hong Kong gained 2 percent, while Japan's Nikkei gained 1.1 percent. Gold prices continued to march hitting a new record near $1,050 an ounce and oil prices were also higher.

On the economic calender, reports on U.S. crude-oil inventories are expected at 10:30 ET, followed by minor reports on consumer indebtedness and the monthly Treasury Department budget.