The Federal Reserve’s monetary policy announcement might be the highlight on Wednesday.
Asian shares finished mostly lower, while European shares are trading in a negative tone.
Early cues from the U.S. Futures Index suggest that Wall Street might open positive.
As of 7.45 am ET, the Dow futures were progressing 130.00 points, the S&P 500 futures were adding 18.75 points and the Nasdaq 100 futures were gaining 52.50 points.
The U.S. major averages all ended modestly higher. The Dow ended with a gain of 67.29 points or 0.2 percent at 33,128.79 after moving between 32,914.75 and 33,341.58. The S&P 500 settled at 4,175.48, gaining 20.10 points or 0.48 percent, while the Nasdaq moved up 27.74 points or 0.22 percent to 12,563.76.
On the economic front, the Automated Data Processing Inc. or ADP’s Employment Report for April will be released at 8.15 am ET. The consensus is for 398,000, while it was up 455,00 in the previous month.
The Energy Information Administration (EIA)’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were up 0.7 million barrels and the gasoline inventories were down 1.6 million barrels.
The announcement of the Federal Open Market Committee or FOMC is scheduled at 2.00 pm ET. The consensus for the Federal Funds rate for in a range of 0.75 to 1.0 percent, while the prior target level was 0.25-0.50 percent.
The Fed Chair Press Conference is expected at 2.30 pm ET.
Asian stocks ended broadly lower on Wednesday. Hong Kong’s Hang Seng index fell 1.10 percent to 20,869.52.
China and Japan markets were closed for holidays.
Australian markets ended slightly lower. The benchmark S&P/ASX 200 slipped 0.16 percent to 7,304.70.
European shares are trading lower. CAC 40 of France is losing 28.06 points or 0.43 percent. DAX of Germany is down 3.41points or 0.02 percent. FTSE 100 of England is declining 29.78 points or 0.39 percent. Swiss Market Index is sliding 89.55 points or 0.75 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.15 percent.
Business News
Wall Street Set To Open Higher
2022-05-04 12:06:34
