U.S. stock index futures pointed to a higher open on Wednesday after the European Central Bank tried to walk back comments made by its president, Mario Draghi.

Nasdaq futures erased earlier losses to trade 15 points higher, while S&P and Dow futures climbed 6.5 points and 45 points.

The ECB said it sees the market as misjudging Draghi’s remarks from Tuesday, in which he said “the threat of deflation is gone and reflationary forces are at play.”

Nasdaq futures had dropped about half a percent earlier. Tech stocks were under pressure Tuesday after EU regulators hit Google with a 2.4 billion euro ($2.7 billion) fine, stating that the tech giant had violated antitrust rules when it came to its online shopping practices.

On the data front, mortgage applications fell 6 percent last week. International trade in goods data are also due at 8:30 a.m. ET, and pending home sales at 10 a.m. ET.

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