Wall Street Poised To Open Positive

Automatic Data Processing Employment report for August, Beige Book data, Factory Orders for July as well as a slew of Fed speeches might be the highlights on Wednesday.

Asian shares finished mixed, while European shares are trading positive.

As of 8.05 am ET, the Dow futures were adding154.00 points, the S&P 500 futures were gaining 20.75 points and the Nasdaq 100 futures were progressing 115.50 points.

The U.S. major indices closed higher on Tuesday. The tech-heavy Nasdaq surged 164.21 points or 1.4 percent to 11,939.67. The Dow climbed 215.61 points or 0.8 percent to 28,635.66 and the S&P 500 advanced 26.34 points or 0.8 percent to 3,526.65.

On the economic front, Automatic Data Processing or ADP’s Employment report for August will be issued at 8.15 am ET. The consensus is for growth of 900,000, while it was up 167,000.

The Commerce Department’s Factory Orders for July will be published at 10.00 am ET. The consensus is for an increase of 6.0 percent, slightly down from 6.2 percent in the previous month.

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 4.7 million barrels, while Gasoline Inventories were down 4.6 million barrels.

The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, usually produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee is scheduled at 2.00 pm ET.

New York Federal Reserve Bank President John Williams will speak to the Bretton Woods Committee in a webinar at 10.00 am ET.

Cleveland Federal Reserve Bank President Loretta Mester will speak to the National Association for Business Economics (NABE) on the U.S. outlook and monetary policy at 12.00 pm ET.

Minneapolis Federal Reserve Bank President Neel Kashkari to speak at a Brookings-Georgetown Law event at 3.00 pm ET.

San Francisco Federal Reserve Bank President Mary Daly will speak about the current state of the U.S. economy, lessons learned from the last economic expansion and the role of monetary policy at a Harvard Kennedy School at 6.00 pm ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index dipped 0.17 percent to 3,404.80 after U.S. Secretary of State Mike Pompeo said the Trump administration will take further moves in the coming days and weeks to restrict the activities of Chinese firms for the benefit of the American economy. Hong Kong’s Hang Seng index eased 0.26 percent to end at 25,120.09.

Japanese shares advanced. The Nikkei average inched up 109.08 points, or 0.47 percent, to 23,247.15, while the broader Topix index closed 0.47 percent higher at 1,623.40.

Australian markets rallied after three days of losses. The benchmark S&P/ASX 200 index rallied 109.80 points, or 1.84 percent, to 6,063.20, while the broader All Ordinaries index ended up 108.60 points, or 1.77 percent, at 6,251.80.

Australia’s GDP declined a seasonally adjusted 7.0 percent on quarter in the second quarter of 2020. On a yearly basis, GDP dropped 6.3 percent versus forecasts for a decline of 5.2 percent after rising 1.4 percent in Q1.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 119.17 points or 2.34 percent. The German DAX is adding 287.28 points or 2.21 percent, the U.K. FTSE 100 Index is gaining 98.58 points or 1.68 percent.

The Swiss Market Index is adding 179.29 points or 1.76 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 2.22 percent.

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