By Yashaswini Swamynathan
REUTERS - Wall Street was set to open higher on Wednesday, helped by strong Chinese trade data and JPMorgan Chase & Co's higher-than-expected quarterly profit.
Shares of JPMorgan, which kicked off Wall Street bank earnings, were up 2.3 percent at $60.65 in premarket trading. Other bank stocks also rose, with Bank of America rising 2.6 percent and Citigroup gaining 2 percent.
The results added to upbeat Chinese data, which showed March exports handily beat expectations, rising for the first time in nine months and raising hopes that the world's second largest economy was on the road to recovery.
Global markets logged strong gains following the data.
However, a report on Wednesday showed U.S. retail sales unexpectedly fell 0.3 percent in March, missing the estimated 0.1 percent rise, more evidence that economic growth stumbled in the first quarter.
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"I think all of these factors could cause a very volatile session today, notwithstanding a strong opening," said Peter Cardillo, chief market economist at First Standard Financial in New York.
At 8:32 a.m. ET, Dow e-minis were up 91 points, or 0.52 percent, with 31,181 contracts changing hands. S&P 500 e-minis were up 11 points, or 0.54 percent, with 233,673 contracts traded. Nasdaq 100 e-minis were up 32.75 points, or 0.73 percent, on volume of 28,245 contracts.
Crude fell more than 1 percent on Wednesday, reversing course from a strong rally on Tuesday, on fears that a potential freeze in production may do little to curb a global glut. [O/R]
U.S. stocks closed higher on Tuesday, helped by the surge in oil.
Valeant Pharmaceuticals fell 2.8 percent to $31.10 after the Canadian drugmaker said it received a notice of default from its bondholders.
(Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)