Stock Market Today: Futures Rise Ahead of GDP, Fed; Twitter Shares Soar

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NEW YORK ( TheStreet) -- U.S. stock futures were pointing to a rebound on Wall Street Wednesday as investors anticipated stronger second-quarter GDP numbers and as tech stocks got a boost from Twitter's solid earnings report.

Futures for the Dow Jones Industrial Average were gaining 33 points, or 34.89 points above fair value, to 16,878. S&P 500 futures were adding on 4 points, or 3.25 points above fair value, to 1,967. Futures for the Nasdaq were up 11.5 points, or 12.52 points above fair value, to 3,963.8.

U.S. stocks on Tuesday were dragged down by concerns over sanctions against Russia for its role in the Ukrainian conflict, and on uncertainty over the Fed meeting which concludes today.

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"Dips continue to be buying, not selling opportunities," Craig Johnson, technical market strategist at Piper Jaffray, wrote in a note. He expects that the rotation toward large-cap stocks will likely continue for a while longer, while noting that the S&P 500 has on average continued to rise after such periods of large-cap outperformance. "At this juncture, the broader market remains in a well-defined uptrend," he added. "With the economy gradually healing, we suspect the market should continue to grind higher over the near-to-intermediate-term and we reiterate our call for 2,000 on the SPX and our year-end 2014 price objective of 2,100."

Twitter shares were surging 25.29% to $48.35 after the company showed that it was able to accelerate user growth in the second quarter and earned on a non-GAAP basis 2 cents a share on $312 million in revenue. Analysts polled by Thomson Reuters had expected Twitter to lose a penny a share on $283.07 million in revenue.

Read More: Twitter Q2 Live Blog Recap

Economic reports on tap for Wednesday include the July ADP employment change report -- preceding Friday's July government job results -- at 8:15 a.m. EDT, the second quarter advanced GDP numbers at 8:30 a.m., and the 2 p.m. Federal Reserve FOMC rate decision. Economists on average are expecting GDP growth of 3% after a 2.9% contraction in the first quarter. That would be the fastest pace of growth since the third quarter of 2013. The Commerce Department will also be releasing revisions to U.S. GDP figures from 1999 through the first quarter of this year.

Societe Generale economists say that aside from another $10 billion reduction in the pace of asset purchases, there aren't likely to be any substantive changes in the FOMC statement. Any shift in the Fed's rhetoric will come no sooner than the September 16 to 17 FOMC meeting, and possibly even later. The "Fed's unlikely to break the summertime bliss," they noted.

Other stocks to watch Wednesday include Amazon , AstraZeneca , Amgen and Honda . Japanese carmaker Honda announced that it had set an all-time monthly record for auto production in Asia. Bio-pharmaceutical company Amgen is cutting 15% of its U.S. workforce and will close two manufacturing plants in Washington and Colorado. British pharmaceutical company AstraZeneca announced a deal to pay $2.1 billion for Spanish drugmaker Almirall's respiratory drug line. Amazon is investing $2 billion in its India operation to push back against Flipkart.