U.S. stock futures headed higher Wednesday after stronger-than-expected data on durable-goods orders offset worries about rising oil prices.

The U.S. Commerce Department reported that durable goods orders jumped a bigger-than-expected 1.3% in July, led by gains in aircraft. Economists had expected a gain of just 0.1%.

Meanwhile, the October crude contract on the New York Mercantile Exchange moved up US$2.18 to US$118.45 a barrel as oil prices rose for a third straight session.

There are concerns that Tropical Storm Gustav may disrupt operations in the Gulf of Mexico, home to a quarter of U.S. crude production. Data on U.S. fuel inventories are due at 10:30 ET.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened up 0.48 cent at US95.86¢.

In today’s earnings news, CIBC reported that net income fell to $71 million for the third quarter, down from $835 million for the same period last year as the bank was hit with more losses connected with the American housing sector.

The results came on the heels of disappointing earnings reports from Bank of Montreal and Bank of Nova Scotia on Tuesday.

Overseas, Tokyo’s benchmark Nikkei 225 fell 0.20% to 12,752.96.

In Hong Kong, the blue-chip Hang Seng Index climbed 1.9% to 21,464.72.

London’s FTSE 100 added 10.1 points to 5,480.8, Frankfurt’s DAX declined 60.79 points to 6,279.73 and the Paris CAC 40 gained 40.06 points to 4,328.49.

On Tuesday, the benchmark index of the Toronto Stock Exchange crept higher on Tuesday as strength in energy shares was offset by losses in the financials group.

The S&P/TSX composite index closed up 10.11 points, or 0.08%, at 13,299.07. Five of the 10 main TSX groups made gains.

The financials group fell 1.1% after Bank of Nova Scotia and Bank of Montreal released weaker than expected third-quarter earnings.

The junior S&P/TSX Venture composite index gained 2.59 points, or 0.13%, to finish at 1,942.60.

In New York, U.S. markets closed mixed following a lightly traded session.

The Dow Jones industrial average was up 26.62 points, or 0.23%, at 11,412.87. The S&P 500 rose 4.66 points, or 0.37%, at 1,271.50. The tech-heavy Nasdaq composite slipped 3.62 points, or 0.15%, at 2,361.97.