Wall Street Set To Open Moderately Higher

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The Labor Department's report on consumer price inflation might get special attention on Wednesday.

Reports said Russia's invasion of Ukraine might be prolonged as Kremlin is planning for an extended war.

Early trends on the U.S. Futures Index suggest that Wall Street might open higher on Wednesday.

As of 7.25 am ET, the Dow futures were gaining 299.00 points, the S&P 500 futures were adding 46.25 points and the Nasdaq 100 futures were progressing 177.25 points.

The U.S. major averages closed higher on Tuesday. The tech-heavy Nasdaq jumped 114.42 points or 1 percent to 11,737.67 and the S&P 500 rose 9.81 points or 0.3 percent to 4,001.05, while the narrower Dow fell 84.96 points or 0.3 percent to 32,160.74.

On the economic front, the Consumer Price Index for April will be issued at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 1.2 percent in the previous month.

Atlanta Fed Business Inflation Expectations for May will be released at 10.00 am ET. In the prior month, the inflations were up 3.8 percent.

The Energy Information Administration or EIA's Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 1.3 million barrels, and the Gasoline Inventories were down 2.2 million barrels.

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

The Treasury Statement for April will be expected at 2.00 pm ET. The consensus is for $200.0 billion, while in the prior month, the deficit was at $192.7 billion.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in a moderated conversation before the World Affairs Council of Jacksonville at 12.00 pm ET.

Asian stocks ended mixed on Wednesday. China's Shanghai Composite index climbed 0.75 percent to 3,058.70.

Hong Kong's Hang Seng index jumped 0.97 percent to 19,824.57.

Japan's Nikkei index ended a choppy session 0.18 percent higher at 26,213.64.
Australian markets eked out modest gains. The benchmark S&P/ASX 200 inched up 0.19 percent to settle at 7,064.70.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 115.81 points or 1.90 percent. The German DAX is progressing 79.32 points or 1.09 percent, the U.K. FTSE 100 Index is down 12.04 points or 0.12 percent.

The Swiss Market Index is gaining 0.34 points or 0.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.86 percent.

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