By Sam Meredith, CNBC–

U.S. stock index futures were higher Wednesday morning, as traders prepared for some respite from the latest wave of global selling.

At around 04:20 a.m. ET, Dow futures were 133 points higher, indicating a positive open of more than 114 points. Futures on the S&P and Nasdaq were also relatively upbeat Wednesday morning.

U.S. stocks sold off for a second consecutive session on Tuesday, as energy shares dropped with oil prices, while retailers including Target and Kohl tumbled after weaker-than-expected earnings and forecasts.

The latest bout of selling comes amid escalating concerns about global economic growth, with the tech-heavy Nasdaq closing at its lowest level in more than seven months Tuesday. Meanwhile, the S&P 500 and Dow ended the previous session at their weakest level since late October.

Nonetheless, a sharp drop in U.S. stocks has helped the safe-haven U.S. dollar pull away from two-week lows. The greenback was little changed at 96.686 against a basket of major currencies Wednesday morning, after rallying 0.7 percent overnight. The dollar has pulled away from a recent trough of 96.042.

On the data front, investors are likely to closely monitor durable goods figures for October at around 8:30 a.m. ET. Existing home sales data for October and a final reading of consumer sentiment for November are both scheduled to be released at around 10:00 a.m.

Meanwhile, Deere, Cheetah Mobile and Qudian are all expected to publish their latest quarterly earnings results before the opening bell.