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Futures Suggest Wall Street To Open Higher


The market is agile on Wednesday, waiting for the FOMC minutes and important economic announcements such as Motor vehicle sales data, Mortgage Applications report as well as ISM Manufacturing Index. Asian shares closed mostly higher, while European shares are trading in the green.

Initial signs from U.S. Futures Index suggest that Wall Street might open higher.

As of 6.35 am ET, the Dow futures were adding 44 points, the S&P 500 futures were gaining 4.50 points and the Nasdaq 100 futures were up 13.25 points.

U.S. stocks closed higher on Tuesday. The S&P 500 climbed 0.8 percent to reach a fresh record high and the tech-heavy Nasdaq Composite rallied as much as 1.5 percent to close above 7,000 for the first time while the Dow rose 0.4 percent.

On the economic front, the Federal Open Market Committee's minutes will be published at 2.00 pm ET. The minutes of the previous meeting will be reported three weeks after the meeting.

Auto manufacturers and Autodata Corporation's Motor Vehicle Sales for December will be issued today.

The consensus for total vehicle sales is for 17.5 million, unchanged from the prior month. Domestic vehicle sales for the month is projected to be 13.4 million, down from 13.7 million in the previous month.

The Mortgage Bankers' Association's Mortgage applications for the week will be published at 7.00 am ET. The composite index declined 4.9 percent in the last week.

The Redbook data for the week will be released at 8.55 am ET. The prior week's store sales were 5.7 percent.

ISM Manufacturing Index for the week is expected at 10.00 am ET. The economists are looking for consensus of 58.00, while it recorded 58.2 in the prior month.

The Commerce Department's Construction Spending for November will be published at 10.00 am ET. The forecasters are looking for consensus of 0.6 percent, compared to 1.4 percent in the prior month.

In the corporate sector, AkzoNobel announced the company has appointed Renier Vree as Chief Financial Officer of its Specialty Chemicals business, effective March 1, 2018.

HeidelbergCement said it expects a negative balance sheet effect of about 200 million euros due to the US tax reform that leads to a corresponding impact on Group net profit in 2017. The company expects significant increase in group share of profit before one-time effects remains unchanged.

Asian stock markets ended broadly higher. The dollar held somewhat steady in Asian trading .

China's Shanghai Composite index rose 20.78 points or 0.62 percent to close at 3,369.11, extending gains for a fourth consecutive session. Hong Kong's Hang Seng index closed up 45.64 points or 0.15 percent at 30,560. The Japanese market was closed for a holiday.

Australian shares eked out modest gains. The benchmark S&P/ASX 200 index rose 9.10 points or 0.15 percent to finish at 6,070.40, while the broader All Ordinaries index ended 9.30 points or 0.15 percent higher at 6,175.30.

European shares are trading higher. The CAC 40 of France is up 18.66 points or 0.46 percent. DAX of Germany is climbing 59.70 points or 0.47 percent. FTSE 100 of England is adding 3.20 points or 0.05 percent. Swiss Market Index is gaining 30.65 points or 0.32 percent.

Euro Stoxx 50, that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.23 percent.

by RTT Staff Writer

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