Latest developments show that there are no signs of ending the ongoing Middle East conflict as expected. The war is felt across the globe with price escalations and delay in supply chains.
In the Asian trading hours, oil prices extended gains for a third consecutive session. Brent crude futures for August delivery were up 2.2 percent.
Gold subdued to $4,461 an ounce.
Early signs from the U.S. Futures Index suggest that Wall Street might open broadly down.
As of 7.55 am ET, the Dow futures were losing 143.00 points, the S&P 500 futures were down 6.25 points and the Nasdaq 100 futures were up 73.00 points.
The U.S. major averages finished higher on Tuesday. The Dow added 228.91 points or 0.45 percent to finish at 51,307.79, while the NASDAQ rose 7.09 points or 003 percent to close at 27,093.90 and the S&P 500 added 9.86 points or 0.13 percent to end at 7,609.82.
On the economic front, ADP Employment Report for May will be released at 8.15 am ET. The consensus is 120K, while it was up 109K in the prior month.
The PMI Composite Final for May will be released at 9.45 am ET. The consensus is 51.7, while the prior month's Flash index was 51.7.
The Factory Orders for April is scheduled at 10.00 am ET. The consensus is 4.3 percent, while it was up 1.5 percent in the prior month.
The ISM Services Index for May will be revealed at 10.00 am ET. The consensus is 53.7, while it was up 53.6 in April.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were down 3.3 million barrels and the gasoline inventories were down 2.6 million barrels.
The Beige Book, which is expected two weeks before the FOMC meeting is scheduled at 2.00 pm ET.
Fed Governor Michael Barr will participate in conversation before the Community Development Bankers Association Peer Forum 2026 at 9.00 am ET.
Dallas Fed President Lorie Logan will share insights on the evolving economic landscape in a conversation as part of the 'Listening in 360 Tour' at 4.00 pm ET.
Asian stocks ended mixed on Wednesday. China's Shanghai Composite index edged up by 0.22 percent to 4,083.97.
Hong Kong's Hang Seng index slumped 1.56 percent to 25,633.21.
Japanese markets rallied. The Nikkei surged 2.50 percent to hit a record closing high at 68,402.13. The broader Topix index settled 1.83 percent higher at 3,996.20.
South Korean markets were closed for a holiday. Australian markets advanced. The benchmark S&P/ASX 200 surged 0.70 percent to 8,785.70. The broader All Ordinaries index closed 0.57 percent higher at 9,017.20.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.