Wall Street is expected to open considerably higher
(RTTNews) – Wednesday’s trade could be affected by the reaction to reports on private sector employment and manufacturing activity.
Investors are watching developments on the omicron variant of the coronavirus closely. Several countries have travel restrictions, and the United States is considering testing all inbound travelers.
Asian stocks ended broadly higher, while European stocks are trading positively.
Based on positive regional data, early hints from the US Futures Index suggest Wall Street may open higher.
As of 7:05 am ET, Dow futures were up 285.00 points, S&P 500 futures added 55.00 points and Nasdaq 100 futures were up 232.75 points.
Major US averages experienced continued weakness before markets closed on Tuesday. The Dow Jones plunged 652.22 points or 1.9% to 34,483.72, the Nasdaq fell 245.14 points or 1.6% to 15,537.69 and the S&P 500 fell 88.27 points or 1.9% at 4,567.00.
Economically, ADP’s employment report for November will be released at 8:15 a.m.ET. The consensus is at 525,000, down from 571,000 in October.
PMI Manufacturing’s final report is scheduled for 9:45 a.m. ET. The consensus is for 59.1. The November ISM Manufacturing Index will be released at 10:00 a.m.ET. Consensus calls for an increase of 61.1, down from 60.8 the previous month. The Commerce Department’s construction spending for October will be released at 10:00 a.m.ET. The consensus is for an increase of 0.6%, compared to a decrease of 0.5% the previous month. The Energy Information Administration or the EIA’s state of petroleum report for the week will be released at 10:30 a.m.ET. The week before, crude oil inventories rose 1.0 million barrels and gasoline inventories fell 0.6 million barrels. Federal Reserve Chairman Jerome Powell will testify before a hybrid hearing of the House Financial Services Committee, monitoring the Treasury Department and Federal Reserve response to the pandemic at 10:00 a.m. ET.
Asian stocks ended largely higher on Wednesday.
Chinese markets have advanced. The benchmark Shanghai Composite index rose 13 points, or 0.36%, to 3,576.89 while the Hong Kong Hang Seng Index finished in 183.66 points, or 0.78%, at 23 658.92.
Japanese stocks rose after three consecutive sessions of steep losses. The Nikkei average rose 113.86 points, or 0.41%, to 27,935.62, while the larger Topix index finished up 0.44% to 1,936.74.
Australian markets hit a two-month low. The benchmark S & P / ASX 200 fell 20.10 points, or 0.28%, to 7,235.90. The larger All Ordinaries Index ended down 29.60 points, or 0.39%, at 7,557.80. European stocks are trading higher. Among the major indices of the region, the CAC 40 index of France rose 103.74 points or 1.54%. The German DAX adds 246.02 points or 1.63%, the British FTSE 100 index gains 105.08 points or 1.49%.
The Swiss market index adds 70.77 points or 0.58%.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks in the Eurozone, is up 1.85%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.