U.S. stock futures pointed higher Wednesday as upbeat results from computer giant Hewlett-Packard overnight and sharp overseas gains lifted market sentiment.

After markets closed Tuesday, Hewlett-Packard Co reported a higher quarterly profit and strong sales for its notebook computer and printer business.

Here at home Canadian retail sales in current dollars rose by 0.5% in June, Statistics Canada said today. The government agency said this growth can largely be explained by an increase in sales at gasoline stations, mainly as a result of higher gas prices in June.

Separately, StatsCan said the composite leading index was unchanged for a second straight month in July, after small gains in April and May.

Overall, two of the 10 components fell in July, versus six in June. However, the declines in housing and the average workweek in manufacturing were large enough to offset small increases in the seven components that rose.

The Canadian dollar opened Wednesday at US94¢, down 0.25 of a cent.

Ahead of the release of U.S. weekly inventory data at 10:35 ET, crude-oil futures fell 11¢ to US$114.42 a barrel.

Overseas, Japan’s Nikkei stock average fell 0.10%. In afternoon trading, the UK’s FTSE 100 rose 0.95%, Germany’s DAX index advanced 0.46%, and France’s CAC-40 rose 0.68%.

On Tuesday, the benchmark index of the Toronto Stock fell on Tuesday as weaker bank shares offset a rally in commodities.

The S&P/TSX composite index closed down 55.52 points, or 0.42%, at 13,063.85. Eight of the 10 TSX main groups finished lower

The junior S&P/TSX Venture composite index fell 21.91 points, or 1.14%, to 2,901.73.

In New York, U.S. stocks fell for a second straight session as a government report showed inflation remains a threat despite slower growth.

The Dow Jones industrial average fell 130.84 points, or 1.14%, to 11,348.55. The S&P 500 slid 11.91 points, or 0.93%, to 1,266.69. The Nasdaq composite index lost 32.62 points, or 1.35%, to 2,384.36.