Stock futures sharply higher after Intel Q3; JPMorgan eyed

U.S. stock index futures rose more than 1 percent on Wednesday following forecast-beating results from Intel Corp and ahead of earnings from JPMorgan Chase & Co .

After the bell on Tuesday, Intel, the world's largest chipmaker, posted a quarterly outlook and results that were better than expected, boosting optimism over a technology sector recovery. Its shares were almost 5 percent higher in premarket trade.

JPMorgan shares climbed 1.8 percent before the bell shortly before it was due to report results. Later this week, other major banks will also post results, including Citigroup , Bank of America and Goldman Sachs .

S&P 500 futures rose 13.70 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 98 points, and Nasdaq futures rose 21.25 points.

Oil surged for a fifth straight day on Wednesday to a 2009 high above $75 a barrel, boosted by a weak dollar and surprisingly strong China trade data that underscored a recovery in the world's second-largest oil user.

The dollar tumbled to a 14-month low versus the euro and a currency basket, hurt by persistent expectations for low U.S. interest rates as well as investor appetite for commodity currencies.

Overseas, Japan's Nikkei average dipped 0.2 percent, hit by profit-taking after five days of gains and with exporters pressured by a stronger yen. European stocks <.FTEU3> rose 1.9 percent in morning trade, led by tech and commodity-related shares.

On the macroeconomic front, investors were bracing for U.S. monthly retail sales, due at 8.30 a.m. ET. Later in the session, the focus will shift to the Federal Reserve's minutes from its meeting of September 22-23, to be released at 2 p.m. ET.

U.S. stocks retreated on Tuesday after disappointing sales from Johnson & Johnson rattled investors and raised worries about the strength of company earnings, snapping the S&P 500's six-day winning streak.

(Reporting by Edward Krudy, editing by W Simon)