Dow And Nasdaq Futures Both Pointing To Higher Open

Following the mixed performance seen in the previous session, most stocks are likely to move to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets.

The Dow futures are currently up by 197 points, suggesting the blue chip index is likely to extend the strong upward move seen over the two previous sessions.

The advance seen on Tuesday lifted the Dow to its best closing level in nine months, as traders continued to react positively to the upbeat news about a potential coronavirus vaccine.

Meanwhile, the Nasdaq futures have also shown a notable move to the upside, pointing to a rebound by tech stocks following the sharp pullback seen earlier in the week.

The tech-heavy Nasdaq reached a record intraday high in early trading on Monday before showing a substantial downturn and extending the decline on Tuesday.

Today’s advance by the Nasdaq futures suggests traders may be looking to get back into tech stocks after cycling out of the sector over the two previous sessions.

Nonetheless, overall trading may be somewhat subdued due to the Veterans Day holiday, as banks and the bond markets are closed and no major U.S. economic data is scheduled to be released.

Among individual stocks, shares of fuboTV (FUBO) are soaring in pre-market trading after the streaming TV service reported a wider than expected third quarter loss but on revenues that exceeded estimates. The company also provided upbeat guidance.

Electronic manufacturing company Sanmina (SANM) is also likely to see initial strength after reporting better than expected fiscal fourth quarter results and provided an upbeat outlook.

Shares of Tapestry (TPR) may also move to the upside after Cowen upgraded its rating on the parent of Coach and Kate Spade to Outperform from Market Perform.

On the other hand, shares of Air Products (APD) are likely to come under pressure after the industrial gases company reported weaker than expected fiscal fourth quarter earnings.

Stocks turned in a mixed performance during trading on Tuesday, as the Dow added to the strong gain posted in the previous session but the tech-heavy Nasdaq extended the sharp pullback seen over the course of the trading day on Monday.

The major averages closed mixed for the second straight session. While the Dow advanced 262.95 points or 0.9 percent to 29,420.92, the S&P 500 edged down 4.97 points or 0.1 percent to 3,545.53 and the Nasdaq tumbled 159.93 points or 1.4 percent to 11,553.86.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index jumped by 1.8 percent, while China’s Shanghai Composite Index fell by 0.5 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index has advanced by 1 percent, the German DAX Index and the French CAC 40 Index are both up by 0.5 percent.

In commodities trading, crude oil futures are climbing $0.91 to $42.27 a barrel after jumping $1.07 to $41.36 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,863, down $13.40 compared to the previous session’s close of $1,876.40. On Tuesday, gold surged $22.

On the currency front, the U.S. dollar is trading at 105.49 yen compared to the 105.30 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1756 compared to yesterday’s $1.1815.

Source: Read Full Article