November Rally Resumes

Stock futures ticked up on Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month.

Futures for the Dow Jones Industrials jumped 119 points, or 0.3%, to 35,564.

Futures for the S&P 500 hiked 23 points, or 0.5%, at 4,586.

Futures for the NASDAQ leaped 105.75 points, or 0.7%, to 16,153.75.

General Motors shares popped more than 7.2% in early morning trading after the company announced a $10-billion buyback. The automaker also raised its dividend and reinstated its guidance.

On Wednesday, traders will have an eye out for second preliminary gross domestic product data for the third quarter, as well as the wholesale inventories report for October. On the earnings front, Hormel Foods and Dollar Tree are expected to issue quarterly results before the opening bell. Salesforce will post earnings after the close.

In Japan, the Nikkei 225 dipped 0.3%, while in Hong Kong, the Hang Seng Index flopped 2.1%.

Oil prices hiked $1.30 to $77.71 U.S. a barrel.

Gold prices brightened $1.60 to $2,041.60 U.S. an ounce.