Wall Street Set To Bounce Back

Early cues from the U.S. Futures suggest that Wall Street might open positive on Wednesday.

Asian shares finished mixed, while European shares are trading higher.

As of 8.00 am ET, the Dow futures were up 123.00 points, the S&P 500 futures were adding 16.25 points and the Nasdaq 100 futures were progressing 43.25 points.

The U.S. major averages ended below the unchanged line on Tuesday. The Dow slipped 39.11 points or 0.1 percent to 35,360.73, the Nasdaq edged down 6.66 points or less than a tenth of a percent to 15,259.24 and the S&P 500 dipped 6.11 points or 0.1 percent to 4,522.68.

On the economic front, Automatic Data Processing or ADP’s Employment report for August will be issued at 8.15 am ET. The consensus is for 500,000, while it was up 330,000 in July.

IHS Markit’s PMI Manufacturing Final for August is scheduled at 9.45 am ET. The consensus is for 61.2, while it was up 63.4 in the prior month.

Institute for Supply Management’s Manufacturing Index for August will be published at 10.00 am ET. The consensus is for 59.0, while it was up 59.5 in the prior month.

Construction Spending for July is expected at 10.00 am ET. The consensus is for 0.3 percent, while it was up 0.1 percent in the previous month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior month the Crude oil inventories were down 3.0 million barrels and the gasoline inventories were down 2.2 million barrels.

Asian stocks rose broadly on Wednesday. Chinese shares advanced on the day. The benchmark Shanghai Composite index rose 23.16 points, or 0.65 percent, to 3,567.10, while Hong Kong’s Hang Seng index ended up 0.58 percent at 26,028.29.

Japanese markets rallied. The Nikkei average climbed 361.48 points, or 1.29 percent, to 28,451.02, marking a 1-1/2-month high. The broader Topix index closed 1.02 percent higher at a five-month high of 1,980.79.

Australian markets ended off their day’s lows.

The benchmark S&P/ASX 200 index slipped 7.80 points, or 0.10 percent, at 7,527.10 after marking a two-week closing high the previous day. The broader All Ordinaries index ended down 10.30 points, or 0.13 percent, at 7,813.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 95.58 points or 1.42 percent. The German DAX is adding 47.75 points or 0.30 percent, the U.K. FTSE 100 Index is gaining 60.41 points or 0.85 percent.

The Swiss Market Index is adding 35.56 points or 0.29 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.08 percent.

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