Stock futures rose on Wednesday as Intel Corp's solid results and upbeat outlook reinforced hopes for an economic recovery and a rebound in technology spending.

Shares of Intel, a chip-maker and Dow component, rose more than 7 percent in pre-market trading, while its main rival AMD Micro Devices gained 6.5 percent.

Wall Street's advance would extend a global equities rally after stocks rose in Asia overnight. In Europe, major indexes were up almost 2 percent.

S&P 500 futures climbed 11.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 88 points, and Nasdaq 100 futures added 26.75 points.

The Nasdaq <.IXIC> was likely to open up about 2 percent.

Crude futures rose 1.6 percent ahead of the Energy Information Administration oil inventories report expected at 10:30 a.m. EDT.

Other economic data on tap for 8:30 a.m. EDT includes the June U.S. Consumer Price Index -- expected to surge 0.6 percent after a 0.1 percent rise in May, based on the median forecast of economists surveyed by Reuters -- and July's New York's Empire State manufacturing survey -- expected at minus 5.0 reading based on a survey of economists. U.S. industrial output for June, expected at 9:15 a.m. EDT, is forecast to drop 0.6 percent, up from a drop of 1.1 percent in the previous month.

Companies reporting quarterly results include Abbot Laboratories , Gannett Co and Xilinx Inc .

U.S. stocks rose slightly on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.

(Reporting by Rodrigo Campos; Editing by Padraic Cassidy)

Intel