Stocks headed for a higher open Wednesday, with investors heartened by better-than-expected earnings from Alcoa Inc. but still nervous about oil prices.

After the market closed Tuesday, Alcoa began the second-quarter earnings season by reporting a profit decline of 24 percent due to increased production costs. However, the aluminum producer’s results were stronger than the market anticipated. Alcoa shares rose about 4 percent in pre-market trading.

While Wall Street appeared eager to extend its big Tuesday rally, investors were keeping a close eye on oil prices. After dropping by more than $9 a barrel over the last two days, crude rose $1.96 to $138 a barrel in early electronic trading on the New York Mercantile Exchange. The rebound occurred after missile testing in Iran that rekindled worries about political unrest in the Middle East disrupting supplies.

After fluctuating in earlier trading, Dow Jones industrial average futures rose 30, or 0.26 percent, to 11,405. Standard & Poor’s 500 index futures rose 2.50, or 0.20 percent, to 1,271.50, while Nasdaq 100 index futures rose 6.75, or 0.36 percent, to 1,875.25.

On Tuesday, the Dow gained more than 150 points. Wall Street was not only cheered by falling oil prices, but also by the possibility of a recovery in the ailing financial system after speeches by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and JPMorgan Chase & Co. Chief Executive Jamie Dimon.

Bond prices slipped Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.92 percent from 3.89 percent late Tuesday.

The dollar fell against other major currencies. Gold prices also slid.

Wednesday’s calendar of economic data is light. The one notable report was the Mortgage Bankers Association’s weekly application survey _ mortgage application volume rose 7.5 percent during the week ending July 4, the trade group said.

Stock markets overseas rose. Japan’s Nikkei stock average edged up 0.15 percent. In morning trading, Britain’s FTSE 100 rose 1.48 percent, Germany’s DAX index rose 1.17 percent and France’s CAC-40 rose 1.20 percent.

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