By Carla Mozee, MarketWatch

Deere profit outstrips expectations

U.S. stock futures rose Wednesday ahead of a heavy slate of economic data, pushed out as Wall Street gets ready to close for the Thanksgiving Day holiday.

Futures for the Dow Jones Industrial Average rose 48 points, or 0.3%, to 17,815.00 and those for the S&P 500 index gained 4.3 points, or 0.2%, to 2,089.25. Nasdaq-100 futures added 10 points, or 0.2%, to 4,676.00.

Investors will have plenty of data to consider during the session, with readings due on consumer spending, housing sales and jobless claims.

"While it is difficult to pick the most important among these, the personal consumption expenditure price index surely stands out, given that it is the Fed's preferred inflation measure," said Craig Erlam, senior market analyst at Oanda, in a note. "The labor market is looking more than healthy enough to warrant a rate hike, which means all focus in the next few weeks will be on the outlook for inflation."

Read: The Fed is ready for higher rates -- are you? (http://www.marketwatch.com/story/the-fed-is-ready-for-higher-rates-are-you-2015-11-24)

Stocks ended slightly higher Tuesday (http://www.marketwatch.com/story/wall-street-set-for-muted-open-after-turkey-shoots-down-jet-2015-11-24), aided by gains for the energy group as oil prices surged 3% in the wake of Turkey's downing of a Russian jet fighter near the Syrian border. The S&P 500 edged up 0.1%, as did the Dow Jones Industrial Average . The Nasdaq Composite was little changed at 5,102.81.

Trading will closed Thursday for Thanksgiving Day, and open for a half-day on Friday. No economic data are scheduled for release on either day.

Read: When do markets close Thanksgiving Week? (http://www.marketwatch.com/story/when-do-markets-close-around-thanksgiving-2015-11-23)

Data: The slew of reports kicks off at 8:30 a.m. Eastern Time, with the Labor Department's update on weekly jobless claims. Filings for unemployment benefits are expected to have fallen by 6,000 to a seasonally adjusted 270,000 for the week ended Nov. 21., according to a MarketWatch survey of economists.

Data on consumer spending and income, core inflation and durable-goods orders for October are due at 8:30 a.m.. At 9 a.m. Eastern, the Federal Housing Finance Agency report on September home prices is scheduled for release. At 10 a.m. Eastern will come reports on October new-home sales and consumer sentiment for November.

Corporates: Deere & Co. (DE) shares jumped 5.3% in premarket trading after the heavy equipment maker's fourth-quarter profit and sales leapt above expectations (http://www.marketwatch.com/story/deere-shares-up-6-in-premarket-after-profit-and-sales-beat-estimates-2015-11-25). Cost cuts helped offset weakness in global markets for farm and construction equipment.

Hewlett-Packard Co. (HPQ) shares fell nearly 8% premarket after the tech heavyweight late Tuesday reported weak quarterly sales. (http://www.marketwatch.com/story/hp-inc-stock-dives-following-weak-quarterly-sales-2015-11-24)

Shares in Baxalta Inc. (BXLT) climbed 2.5% ahead of the bell after a report that Dublin-based Shire PLC (SHPG) is preparing a renewed takeover bid (http://www.marketwatch.com/story/shire-shares-rise-on-report-of-renewed-baxalta-bid-2015-11-25) for the U.S. biotech company. U.S.-listed shares of Shire (SHPG) (SHPG) shed 2% in premarket trade.

Other markets: Most Asian markets slipped Wednesday, still feeling the weight of geopolitical tensions, although a rise in oil prices overnight helped some energy shares. The Nikkei Average fell 0.4%, for its first loss in four sessions.

European stocks were moving higher after Turkey's president said the country isn't looking to escalate tensions with Russia.

Gold prices were off 0.1%, while oil futures lost nearly 2% after Tuesday's leap. The U.S. dollar index rose 0.4% to 100, as the euro fell below $1.06.

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(END) Dow Jones Newswires

November 25, 2015 07:57 ET (12:57 GMT)