US stock futures were higher early Wednesday as investors looked to build on Tuesday's rebound that snapped a three-day losing streak for the major averages.

Near 7:00 a.m. ET, Nasdaq (NQ=F) futures were leading markets higher, rising as much as 1.5%, while futures on the S&P 500 (ES=F) were up around 1.2%. Dow (YM=F) futures were higher by closer to 0.8%.

Global markets continued to recover after a 12% drop in Japan's Nikkei on Monday sent shockwaves worldwide. The Nikkei rose 2.5% overnight on Wednesday. Stocks across most of Europe were also higher in early trading.

On Tuesday, the S&P 500 and Nasdaq gained just over 1% while Dow rose 0.7% as markets lost some steam into the close; with about an hour to go in the trading session, the S&P 500 and Nasdaq were up closer to 2%.

Investors will also keep a close eye on the VIX (^VIX) — known as Wall Street's "fear gauge" — which spiked into the low 60s on Monday, levels last seen during the throes of the pandemic. Early Wednesday, the VIX was sitting closer to 22. Ahead of last week's sell-off, the VIX had been trading in the teens, though had been on a steady climb for much of July.

The earnings and economic calendar remains relatively sparse, with the weekly report on mortgage applications expected later Wednesday morning serving as the most notable piece of economic news.

On the earnings side, numbers out of Disney (DIS) reported early Wednesday showed the entertainment giant turned a profit in its streaming unit for the first time last quarter while the company also raised its full-year earnings forecast. Shares of Disney rose as much as 3% in premarket trade.

Late Tuesday, both Airbnb and Super Micro Computer reported results that disappointed, sending shares sharply lower.

Airbnb stock fell 14% after the company offered a current quarter forecast below expectations.

Super Micro stock fell over 13% as margins disappointed, and the tech company, which has ridden a wave of AI enthusiasm, also announced a 10-for-1 stock split, which will take effect Oct. 1.

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