Remarks from Fed Chair Jerome Powell, reports on private sector employment, factory orders, and service sector activity might be the highlights on Wednesday.
Geopolitical tension also might be influencing investor sentiments, as Israel continues to be on an attacking mood.
Gold edged up slightly in the Asian trading session, while oil extended sharp gains.
Asian shares finished broadly lower, while European shares are trading mostly up.
As of 7.40 am ET, the Dow futures were up 180.00 points, the S&P 500 futures were adding 18.25 points and the Nasdaq 100 futures were progressing 140.75 points.
The U.S. major averages ended Wednesday mixed. While the Dow dipped 76.47 points or 0.2 percent to 44,705.53, the Nasdaq rose 76.96 points or 0.4 percent to 19,480.91 and the S&P 500 crept up 2.73 points or 0.1 percent to 6,049.88.
On the economic front, the ADP Research Institute’s Employment Report for November will be issued at 8.15 am ET. The consensus is 165,000, while it was up 233,000.
The U.S. Service Purchasing Manager’s Index (PMI) for November is scheduled at 9.45 am ET. The consensus is for an increase of 55.3, while it was up 54.1 in the prior month.
The Factory Oders for October is scheduled at 10.00 am ET. The consensus is for a growth of 0.4 percent, while it was down 0.5 percent in September.
The Institute for Supply Management’s ISM Services Index for November is expected at 10.00 am ET. The consensus is 55.5, while it was up 56.0 in the prior month.
The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were down 1.8 million barrels and the gasoline inventories were up 3.3 million barrels.
The Beige Book, prepared two weeks prior to the monetary policy meetings of the Federal Open Market Committee or FOMC will be released at 2.00 pm ET.
The Treasury Buyback Results also is scheduled at 2.00 pm ET.
St. Louis Fed President Alberto Musalem will speak before the Bloomberg/Global Interdependence Center College of Central Bankers Symposium at 8.45 am ET.
Federal Reserve Chair Jerome Powell will participate in a moderated discussion before the New York Times DealBook Summit at 1.45 pm ET.
Asian stocks were broadly down on Wednesday. China’s Shanghai Composite index dipped 0.42 percent to 3,364.65. Hong Kong’s Hang Seng index ended marginally lower at 19,742.46.
Japanese markets ended on a flat note. The Nikkei average finished marginally higher at 39,276.39 while the broader Topix index settled 0.47 percent lower at 2,740.60.
Australian markets fell modestly. The benchmark S&P/ASX 200 dropped 0.38 percent to 8,462.60.
European shares are trading mostly higher. CAC 40 of France is gaining 30.05 points or 0.41 percent. DAX of Germany is progressing 165.66 points or 0.83 percent. FTSE 100 of England is down 16.77 points or 0.20 percent. The Swiss Market Index is declining 53.27 points or 0.45 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.68 percent.
Business News
Wall Street Targets To Open Positive
2024-12-04 13:04:44
