Wall Street Set To Open Higher

State Investor Confidence Index for May and Survey of Business Uncertainty for May might be the focus on Wednesday.

Since there is a slight decline in global coronavirus, investors are closely monitoring the vaccination progress. As per the World Health Organization’s, there was a 14 percent drop in coronavirus cases.

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

Initial cues from the U.S. Futures Index suggest that Wall Street might open higher.

As of 7.30 am ET, the Dow futures were adding 82.00 points, the S&P 500 futures were progressing 14.00 points and the Nasdaq 100 futures were adding 58.00 points.

The U.S. major averages eventually ended the session modestly lower on Tuesday. The Dow dipped 81.52 points or 0.2 percent to 34,312.46, the Nasdaq edged down 4.00 points or less than a tenth of a percent to 13,657.17 and the S&P 500 slipped 8.92 points or 0.2 percent to 4,188.13.

On the economic front, State Investor Confidence Index for May will be released at 10.00 am ET. In the prior month, the Index was at 92.7.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 1.30 am ET. In the prior week, the crude oil inventories were up 1.3 million barrels, and the gasoline inventories were down 2.0 million barrels.

Survey of Business Uncertainty for May is scheduled at 11.00 am ET. In the prior month, the sales growth was 4.62 percent and Employment growth was 4.92 percent.

The two-year Treasury Floating Rate Note or FRN auction will be held at 11.30 am ET.
The five-year Treasury Note Auction will be held at 1.00 pm ET.

Federal Reserve Vice Chair for Supervision Randal Quarles will speak on “Insurance Regulation” before the virtual National Association of Insurance Commissioners (NAIC) International Insurance Forum at 10.00 am ET.

Quarles to speak on the economic outlook before virtual Hutchins Center on Fiscal and Monetary Policy Event at 3.00 pm ET.

Asian stocks finished mostly higher. China’s Shanghai Composite index rose 12.02 points, or 0.34 percent, to 3,593.36 while Hong Kong’s Hang Seng index ended up 255.15 points, or 0.88 percent, at 29,166.01.

Japanese shares eked out modest gains. The Nikkei average edged up 88.21 points, or 0.31 percent, to 28,642.19, while the broader Topix index closed marginally higher at 1,920.67.

Australian markets fell slightly. The benchmark S&P/ASX 200 index dropped 22.70 points, or 0.32 percent, to 7,092.50 after closing at a two-week high the previous day. The broader All Ordinaries index ended down 17.50 points, or 0.24 percent, at 7,331.60.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 0.85 points or 0.01 percent. The German DAX is losing 33.64 points or 0.23 percent, the U.K. FTSE 100 Index is declining 20.49 points or 0.29 percent.

The Swiss Market Index is adding 23.13 points or 0.21 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.16 percent.

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