Wall Street Targets To Open Positive

The Consumer Price Inflation and the Fed's Beige Book might get special attention on Wednesday.

Earlier signs from the U.S. Futures Index suggest that Wall Street might open higher.
Asian shares finished higher, while European shares are trading mostly up.

As of 7.20 am ET, the Dow futures were up 39.00 points, the S&P 500 futures were adding 6.00 points and the Nasdaq 100 futures were progressing 37.50 points.

The U.S. major averages moved roughly sideways going into the close, hovering in positive territory on Tuesday. The Nasdaq surged 210.62 points or 1.4 percent at 15,153.45, the S&P 500 advanced 42.78 points or 0.9 percent to 4,713.07 and the Dow rose 183.15 points or 0.5 percent at 36,252.02.

On the economic front, the Consumer Price Index for December will be published at 8.30 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.8 percent in the prior month.

The Atlanta Fed's Business Inflation Expectations survey for January will be released at 10.00 am ET. In the prior month, the expectations were up 3.4 percent.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 2.1 million barrels and the Gasoline inventories were 10.1 million barrels.

Ten-year Treasury Note Auctions will be held 1.00 pm ET.

The Beige book produced roughly two weeks before the monetary policy meetings of the Fed Open Market Committee is scheduled at 2.00 pm ET.

The Treasury Department's Treasury Statement for December is expected at 2.00 pm ET. The consensus is for a deficit of $25 billion, while the deficit was $191.3 billion in November.

Minneapolis Federal Reserve Bank President Neel Kashkari to speak on the economic outlook for 2022 before a virtual St. Paul Area Chamber Town Hall at 1.00 pm ET.

Asian stocks posted strong gains on Wednesday. Chinese shares rose notably. The benchmark Shanghai Composite index rose 29.99 points, or 0.84 percent, to 3,597.43 while Hong Kong's Hang Seng index jumped as much as 663.11 points, or 2.79 percent, to 24,402.17, led by tech stocks.

Japanese shares rallied to snap a three-day losing streak. The Nikkei average ended up 543.18 points, or 1.92 percent, at 28,765.66. The broader Topix index closed 1.64 percent higher at 2,019.36.

Australian markets gained ground, led by technology and resource-related stocks. The benchmark S&P/ASX 200 index climbed 48.80 points, or 0.66 percent, to 7,438.90 while the broader All Ordinaries index ended up 51.50 points, or 0.67 percent, at 7,762.20.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 26.66 points or 0.37 percent. The German DAX is adding 36.44 points or 0.23 percent, the U.K. FTSE 100 Index is gaining 41.35 points or 0.55 percent.

The Swiss Market Index is declining 35.42 points or 0.23 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.50 percent.

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