Wall Street Targets Broadly Higher Open

wallstreet dec22 lt

Reports on Consumer Confidence and Existing Home Sales might be the highlight on Wednesday.

As the holiday season is approaching, the U.S. is planning to increase vaccination for citizens, in view of the spread of the new variant Omicron.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly higher.

As of 6.50 am ET, the Dow futures were up 70.00 points, the S&P 500 futures were adding 4.25 points and the Nasdaq 100 futures were declining 2.00 points.

The U.S. major averages closed positive on Tuesday. The Dow surged 560.54 points or 1.6 percent to 35,492.70, the Nasdaq spiked 360.14 points or 2.4 percent to 15,341.09 and the S&P 500 jumped 81.21 points or 1.8 percent to 4,649.23.

On the economic front, the GDP for the third quarter is scheduled at 8.30 am ET. The consensus is for an increase of 2.1 percent, while it was up 2.1 percent in the prior quarter.

The Chicago Fed National Activity Index for November will be released at 8.30 am ET. In the prior month, the Index was up 0.76.

The Corporate Profits for the third quarter will be issued at 8.30 am ET. In the prior quarter, year over year after tax was up 27.6 percent.

The Conference Board's Consumer Confidence for December will be published at 10.00 am ET. The consensus is for 110.7, while it was up 109.5. in November.

Existing Home Sales for November will be released at 10.00 am ET. The consensus is for 6.510 million, compared to 6.340 million in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 4.6 million barrels and Gasoline Inventories were down 0.7 million barrels.

A five-year Treasury Inflation-Protected Securities or TIPS auction will be held at 1.00 pm ET.

Asian stocks saw muted gains on Wednesday. Chinese shares ended marginally lower. Hong Kong's Hang Seng index rose 0.57 percent to 23,102.33.

Japanese markets advanced, with chipmakers and other tech stocks pacing the gainers. The Nikkei average rose 44.62 points, or 0.16 percent, to 28,562.21 while the broader Topix index closed marginally higher at 1,971.51.

Australian markets ended a choppy session slightly higher. The benchmark S&P/ASX 200 index edged up 0.13 percent to 7,364.80. The broader All Ordinaries index ended up 0.21 percent at 7, 682.60.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 15.86 points or 0.23 percent. The German DAX is adding 28.00 points or 0.18 percent, the U.K. FTSE 100 Index is gaining 2.66 points or 0.04 percent.

The Swiss Market Index is declining 63.44 points or 0.50 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.12 percent.

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