Wall Street Might Open Moderately Higher

The private sector employment, service sector activity and factory orders might get special attention on Wednesday.

Investors are on a relief as Trump administration is now showing flexibility on its latest tariff measures against Canada and Mexico.

In the Asian trading session, the U.S. dollar remained fragile, gold was marginally lower, while oil extended losses.

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

As of 7.55 am ET, the Dow futures were adding 53.00 points, the S&P 500 futures were progressing 12.25 points and the Nasdaq 100 futures were up 85.25 points.

The U.S. major averages finished lower on Tuesday. The Nasdaq ended the day down 65.03 points or 0.4 percent at 18,285.16. The S&P 500 closed down 71.57 points or 1.2 percent at 5,776.15. The Dow slumped 670.25 points or 1.6 percent to 42,520.99.

On the economical front, ADP Employment Report for February will be revealed at 8.15 am ET. The consensus is 162,000, while it was up 183,000.

The PMI Composite Final for February will issued at 9.45 am ET. The consensus is 50.4, while it was up 52.7 in the prior month.

The Factory Orders for January will be announced a at 10.00 am ET. The consensus is for an increase of 1.4 percent, while it was down 0.9 percent in the prior month.

The ISM Services Index for February is scheduled at 10.00 am ET. The consensus is 53.0, while it was up 52.8 in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 2.3 million barrels and the Gasoline Inventories were up 0.4 million barrels.

The Beige Book published around two weeks before the the monetary policy meetings of the Federal Open Market Committee is expected at 2.00 pm ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index rose 0.53 percent to 3,341.96. Hong Kong’s Hang Seng index rallied 2.84 percent to 23,594.21.

Japanese markets edged up slightly. The Nikkei average rose 0.23 percent to 37,418.24. The broader Topix index closed up 0.30 percent at 2,718.21.

Australian markets fell notably. The benchmark S&P/ASX 200 dropped 0.70 percent to 8,141.10. The broader All Ordinaries index settled 0.69 percent lower at 8,363.10.

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