Wall Street Aims To Open Mostly Higher

Trading on Wednesday might be impacted by the economic announcements, especially the ADP Employment Report for January. The move for impeachment and the progress in COVID-19 vaccination are closely watched by investors.

Asian shares finished broadly higher, while European shares are trading mostly positive.

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

Google parent Alphabet (GOOGL), Amazon (AMZN), Amgen (AMGN), and Electronic Arts (EA) are scheduled to release their quarterly results after the close of today’s trading.

As of 7.25 am ET, the Dow futures were losing 2.00 points, the S&P 500 futures were progressing 10.75 points and the Nasdaq 100 futures were up 74.75 points.

The U.S. major averages all finished Tuesday firmly in positive territory. The Dow surged up 475.57 points or 1.6 percent to 30,687.48, the Nasdaq jumped 209.38 points or 1.6 percent to 13,612.78 and the S&P 500 shot up 52.45 points or 1.4 percent to 3,826.31.

On the economic front, the ADP Employment Report for January will be issued at 8.15 am ET. The consensus is for 50,000, while it was down 123,000 in the prior month.
Three-year, 10-year Treasury Note auction and 30-year Treasury bond auction will be held at 8.30 am ET.

The U.S. Treasury Refunding announcement will be held at 8.30 am ET.

The PMI Composite Final Index is scheduled at 9.45 am ET. The consensus is for 58.0, while it was up 55.3 in the prior month.

The Institute for Supply Management’s Services Index for January will be published at 10.00 am ET. The consensus is for 56.8, while it was 57.2 in December.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be revealed at 10.30 am ET. In the previous week, the Crude Oil Inventories were down 9.9 million barrels, while Gasoline Inventories were up 2.5 million barrels.

In the corporate sector, Biogen Inc. the company reported fourth-quarter net income attributable to the company of $357.9 million or $2.32 per share, sharply down from $1.44 billion or $8.08 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $4.58 per share, compared to $8.34 per share in the year-ago quarter.

The company initiated its adjusted earnings and revenue guidance for the full-year 2021, below analysts’ expectations.

For fiscal 2021, the company now projects adjusted earnings in a range of $17.00 to $18.50 per share on revenues between $10.45 billion and $10.75 billion.

Total revenue for the quarter declined 22 percent to $2.85 billion from $3.67 billion in the same quarter last year.

Asian stocks rose broadly on Wednesday. Chinese markets slipped. The benchmark Shanghai Composite index dropped 16.38 points, or 0.46 percent, to 3,517.31, while Hong Kong’s Hang Seng index ended up 58.76 points, or 0.20 percent, at 29,307.46.

Japanese shares closed higher. The Nikkei average edged up 284.33 points, or 1.00 percent, to 28,646.50, while the broader Topix index closed 1.30 percent higher at 1,871.09.

Australian markets ended notably higher, with financials leading the surge on RBA’s upbeat economic outlook. The benchmark S&P/ASX 200 index climbed 62 points, or 0.92 percent, to 6,824.60, while the broader All Ordinaries index closed 0.90 percent higher at 7,090.90.

European shares are trading mostly higher. Among the major indexes in the region, the German DAX is adding 89.08 points or 0.64 percent, the U.K. FTSE 100 Index is losing 2.54 points or 0.04 percent.

The Swiss Market Index is adding 27.11 points or 0.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.67 percent.

Source: Read Full Article