2/1/2012 6:33 AM ET
(RTTNews) - U.S. stock futures are rallying on Wednesday, as the focus shifted to some positive global data points. Developments on the eurozone debt crisis have been encouraging after the much feared Portugal bill auction results proved fairly encouraging and hopes concerning a Greek-PSI deal strengthened. Domestic earnings have been mixed. Traders may also focus on the ADP's private sector employment report and a domestic national manufacturing reading.
As of 6:30 am ET, the Dow futures are rising 93 points, the S&P 500 futures adding 9.60 points and the Nasdaq 100 futures up 13.50 points.
After seeing strength in morning trade on Tuesday on the back of Greek deal optimism, the major averages turned in lackluster performance for the rest of the session and closed mixed.
On the economic front, the ADP National Employment report, which sheds light on non-farm private employment, is scheduled to be released at 8:15 am ET. The consensus expectations are for an addition of 172,000 jobs by the sector in January following an addition of 325,000 jobs in December.
Additionally, the results of the manufacturing survey of the Institute for Supply Management, which are based on data compiled from purchasing and supply executives nationwide, are due out at 10 am ET. Economists expect the index to show a reading of 54.5 for January compared to 53.9 in December.
The Commerce Department's construction spending report to be released at 10 am ET is expected to show a 0.5 percent increase in December.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended January 27th at 10:30 AM ET.
Also, Philadelphia Federal Reserve Bank President Charles Plosser is due to speak to the Main Line Chamber of Commerce on the economic outlook, in Philadelphia at 8:30 am ET.
In corporate news, Amazon (AMZN) said its fourth quarter earnings exceeded estimates despite declining from the year-ago period. Net sales rose 35 percent but trailed estimates. The company issued first quarter sales guidance range, which at best will meet estimates.
Manitowoc's (MTW) fourth quarter earnings and revenues were ahead of estimates.
Seagate (STX) reported second quarter non-GAAP earnings of $1.32 per share on revenues of $3.2 billion. The results were better than expected.
JDA Software's (JDAS) fourth quarter adjusted earnings and revenues were above estimates. The company also revealed that it has received information from the SEC about a probe regarding its revenue recognition and other accounting and financial reporting matters for certain past fiscal years.
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