Futures Point To Moderately Higher Open For Wall Street

Reaction to ADP’s report on private-sector employment might be the highlight on Wednesday.

Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), General Motors (GM) and Starbucks (SBUC) are among the companies releasing their quarterly results after the close of today’s trading.

Initial signs from the U.S. Futures Index suggest that Wall Street might open moderately positive.

Asian shares finished broadly higher, while European shares are trading mostly up.

As of 7.10 am ET, the Dow futures were up 50.00 points, the S&P 500 futures were adding 39.75 points and the Nasdaq 100 futures were progressing 261.00 points.

The U.S. major averages ended the session on Wednesday near their best levels of the day. The Dow advanced 273.38 points or 0.8 percent to 35,405.24, the Nasdaq climbed 106.12 points or 0.8 percent to 14,346.00 and the S&P 500 rose 30.99 points or 0.7 percent at 4,546.54.

On the economic front, the ADP Employment Report for January will be released at 8.15 am ET. The consensus is for 225,000, while it was up 807,000 in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 2.4 million barrels and the Gasoline Inventories were up 1.3 million barrels.
Treasury Refunding Announcement is expected at 8.30 am ET.

Asian stocks advanced in thin trade on Wednesday. China, Hong Kong and South Korea markets were closed for the Lunar New year holidays.

Japanese shares advanced on the day. The Nikkei average jumped 455.12 points, or 1.68 percent, to 27,533.60 while the broader Topix index closed 2.14 percent higher at 1,936.56.

Australian markets rose for the second straight session. The benchmark S&P/ASX 200 jumped 81.70 points, or 1.17 percent, to 7,087.70 while the broader All Ordinaries index ended up 86.80 points, or 1.19 percent, at 7,399.60.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 36.00 points or 0.51 percent. The German DAX is adding 62.88 points or 0.40 percent, the U.K. FTSE 100 Index is gaining 66.22 points or 0.88 percent.

The Swiss Market Index is sliding 15.40 points or 0.13 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.53 percent.

For comments and feedback contact: [email protected]

Business News

Source News