Wall Street Likely To Open On Positive Note

Higher futures and continued optimism about coronavirus vaccine point to a positive start for U.S. stocks Wednesday morning.

The Dow and S&P futures are up 0.75 percent and 0.85 percent, respectively. Nasdaq futures are rising more than 1.1 percent, point to a rebound in the technology space.

However, due to a lack of fresh triggers, buying interest may turn somewhat subdued during the course of the session.

Stocks turned in a mixed performance during trading on Tuesday, as the Dow added to the strong gain posted in the previous session but the tech-heavy Nasdaq extended the sharp pullback seen over the course of the trading day on Monday.

The major averages closed mixed for the second straight session. While the Dow advanced 262.95 points or 0.9 percent to 29,420.92, the S&P 500 edged down 4.97 points or 0.1 percent to 3,545.53 and the Nasdaq tumbled 159.93 points or 1.4 percent to 11,553.86.

The mixed performance on Wall Street came as traders continued to cycle out of tech stocks that benefited from the coronavirus pandemic and into cyclical stocks that struggled.

Asian stocks ended mostly higher on Wednesday as hopes of a successful coronavirus vaccine and receding U.S. political uncertainty helped offset worries about a surge in coronavirus cases worldwide.

Japanese shares extended gains to a seventh straight session and the Nikkei hit a fresh 29-year high, on Covid-19 vaccine hopes and upbeat quarterly earnings reports from top companies.

The major European markets are up in positive territory, extending gains to a third day, with rising optimism about a Covid-19 vaccine continuing to outweigh concerns about lockdown measures amid the second wave of infections across Europe.

The U.K.’s FTSE 100 is gaining about 0.7 percent, while Germany’s DAX and France’s CAC 40 are up 0.35 percent and 0.3 percent, respectively.

In commodities, West Texas Intermediate Crude oil futures for December are currently up $1.05 or 2.5 percent at $42.41 a barrel.

The Energy Information Administration’s data on U.S. crude inventories for the week ended November 6, is due out at 10:30 AM ET.

Source: Read Full Article