Wall Street Set To Open Positive

There are no major economic announcements on Wednesday, while Fed speeches might be of interest to investors today.

Asian shares finished mostly up, while European shares are trading broadly higher.
Initial trends on the U.S. Futures Index suggest that Wall Street might open moderately up.
As of 7.35 am ET, the Dow futures were 108.00 points, the S&P 500 futures were adding 9.00 points and the Nasdaq 100 futures were progressing 38.25 points.

The U.S. major averages ended mixed on Tuesday. The Dow fell 120.66 points or 0.3 percent to 43,268.94, the S&P 500 rose 23.36 points or 0.4 percent to 5,916.98 and the Nasdaq jumped 195.66 points or 1.0 percent to 18,987.47.

On the economic front, the Atlanta Fed Business Inflation Expectations for November will be released at 10.00 am ET. In the prior month, the expectations were up 2.2 percent.

The Baker Hughes Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North America rig count was 784, while the U.S. rig count was 584.

Twenty-year Treasury Bond auction will be held at 1.00 pm ET.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 2.1 million barrels, while Gasoline Inventories were down 4.4 million barrels.

Fed Reserve Vice Chair for Supervision Michael Barr will testify on oversight of prudential regulators before the House Financial Services Committee at 10.00 am ET.

Boston Fed Bank President Susan Collins will give remarks and participates in a conversation about monetary policy, the breadth of the Federal Reserve’s work, and her career path at an event hosted by the University of Michigan Gerald R. Ford School of Public Policy at 4.00 pm ET.

Asian markets closed on a mixed note on Wednesday. China’s Shanghai Composite Index rallied 0.67 percent to finish trading at 3,368.56. The Shenzhen Component Index gained 0.78 percent to close at 10,875.45. The Hang Seng Index of the Hong Kong Stock Exchange added 41 points or 0.21 percent from the previous close to finish trading at 19,623.39.

The Japanese benchmark Nikkei 225 slipped 62 points or 0.16 percent to close at 38,352.34.

Australia’s S&P/ASX200 closed trading at 8,326.30, dropping 48 points or 0.57 percent, after setting a new 52-week high. The day’s trading range was between 8,318.20 and 8,379.80.

Business News