Minutes from the Fed's September meeting, where the policymakers held rates steady, would be crucial in assessing the central bank's outlook on interest rates.

The Labor Department's report due shortly before the bell is expected to show producer price index for final demand rose 0.3% last month, according to economists polled by Reuters.

Yields on government bonds eased on safe-haven bids due to the war in the Middle East and dovish remarks from Federal Reserve officials throughout this week.

"Recent developments support our view that yields should move lower over the coming 6–12 months... we foresee further cooling in inflation and slower global growth," Mark Haefele, chief investment officer at UBS Global Wealth Management said.

Traders put the chance of interest rates remaining unchanged in November and December at around 86% and around 72%, respectively, according to CME's FedWatch tool, with a small percentage of traders pricing in rate cuts as early as January.

Megacap stocks, including Microsoft, Alphabet , Tesla, Nvidia and Meta Platforms , advanced between 0.3% and 0.6% in premarket trading.

Meanwhile, the turmoil in Middle East continued weigh on global markets as Israeli warplanes bombed Gaza ahead of a possible ground assault, while U.S. President Joe Biden called the attack by Palestinian militant group Hamas as 'sheer evil'.

Israeli troops have killed at least 1,000 Palestinian gunmen who infiltrated from Gaza in incursions that began at the weekend, while Gaza's health ministry said at least 950 people have been killed and 5,000 injured.

Investors will also keep an eye on fresh remarks from Fed Board Governor Christopher Waller, Bank of Atlanta President Raphael Bostic and Bank of Boston President Susan Collins.

The debut of German premium footwear maker Birkenstock Holding on the New York Stock Exchange will also be keenly watched. The company has priced its IPO at the middle of its indicated price range at $46 per share.

At 5:08 a.m. ET, Dow e-minis were up 46 points, or 0.14%, S&P 500 e-minis were up 6.5 points, or 0.15%, and Nasdaq 100 e-minis were up 33.5 points, or 0.22%.

Among stocks, Walgreens Boots Alliance added 0.9% after the pharmacy chain operator said it has appointed Tim Wentworth as its new chief executive.

Arista Networks fell 1.6% after Piper Sandler downgraded the cloud networking solutions provider's stock to "neutral" from "overweight."

Pioneer Natural Resources rose 2.8% after sources told Reuters that Exxon Mobil is expected to say on Wednesday it will buy the Permian shale basin producer for about $60 billion. Exxon's shares were down 0.4%.