Corrected: Futures rise after sell-off; HP weighs

By Angela Moon

NEW YORK (Reuters) - Stock index futures rose on Wednesday, a day after Wall Street suffered its worst session since August on geopolitical turmoil in Libya.

The unrest kept U.S. crude futures climbing to a 2-1/2 year peak above $96 a barrel. Markets were concerned the turmoil could spread to other top oil producers in the region and cut more output, weighing on energy stocks.

A senior aide to Muammar Gaddafi's influential son Saif resigned, the latest top official to walk out after the Libyan leader's forces have reportedly killed as many as 1,000 people.

"Investors are definitely eyeing the situation with caution, but the market here is understanding that Libya is not a big oil producer and most of its oil goes to Europe," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.

"But if this spreads further from here to a bigger oil producer, that will be a game changer since it will directly impact us here."

U.S. technology shares will be in the spotlight after Hewlett-Packard Co trimmed its 2011 revenue forecast late Tuesday, citing weak consumer demand for personal computers and a lackluster showing from its services arm. The stock fell 9.5 percent to $43.60 in premarket trade.

S&P 500 futures rose 4.8 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 gained 47 points, and Nasdaq 100 futures added on 11.25 points.

Investors will also watch January existing home sales data, due at 10 a.m. EST. Existing home sales are expected to fall in January to an annualized rate of 5.24 million units from 5.28 million, according to a Reuters survey.

Nasdaq OMX Group Inc , left out of a global consolidation among exchanges, is exploring options that include teaming up with a partner on a rival bid for NYSE Euronext , a source said on Tuesday.

The Federal Reserve's monetary policy should remain accommodative for some time yet, Chicago Federal Reserve President Charles Evans told the Financial Times.

Lowe's Cos Inc , the No. 2 U.S. home improvement chain, gave a lackluster outlook for the current quarter despite strong fourth-quarter results. The stock fell 0.9 percent to $25.75 premarket.

The U.S. Air Force may announce whether Boeing Co or Europe's EADS has won a projected $35 billion contract for 179 refueling planes as early as Thursday, a senior defense official said.

Car rental company Hertz Global Holdings Inc posted a better-than-expected fourth-quarter profit on strong growth at its U.S. off-airport business.

(Reporting by Angela Moon; editing by Jeffrey Benkoe)

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