In view of the Iran sanctions kicking in on Thursday, oil climbed above $85 barrels and investors are expecting further tightening of the supply chain.
Employment report, PMI Services Index and ISM non-manufacturing index are the major announcement on Wednesday. The remarks from the Federal Reserve Chairman Jerome Powell as well as other Fed speeches are closely watched by the investors.
U.S. Futures Index suggests that Wall Street might be opening higher.
As of 7.45 am ET, the Dow futures were adding 76 points, the S&P 500 futures were up 9.50 points and the Nasdaq 100 futures were progressing 27.75 points.
U.S. stocks closed broadly down on Tuesday. Dow climbed 122.73 points or 0.5 percent to 26,773.94, the Nasdaq fell 37.76 points or 0.5 percent to 7,999.55 and the S&P 500 edged down 1.16 points or less than a tenth of a percent to 2,923.43.
On the economic front, Federal Reserve Chairman Jerome Powell will participate in a discussion with Judy Woodruff at the Atlantic Festival in Washington D.C at 4.00 pm ET.
Automatic Data Processing (ADP)/ Moody’s Analytics’ Employment Report for September will be published at 8.15 am ET. The consensus is for 179,000, up from 163,000 a month ago.
PMI Services Index for September will be issued at 9.45 am ET. The consensus is for 52.9, compared to 54.8 in the prior month.
Institute for Supply Management’s Non-manufacturing Index for September will be released at 10.00 am ET. The consensus is for 58.0, versus 58.5 in August.
The Energy Information Administration or EIA’s Petroleum Status Report for the week will be revealed at 10.30 am ET. The prior crude oil inventories were 1.9 million barrels, and Gasoline inventories were 1.5 million barrels.
Philadelphia Federal Reserve Bank President Patrick Harker will deliver closing remarks at the “Reinventing Our Communities: Investing in Opportunity” Conference in Baltimore, MD at 12.00 pm ET.
Richmond Federal Reserve Bank President Tom Barkin will speak about “The Outlook for Tomorrow: Five Numbers to Watch” at the West Virginia Economic Outlook Conference in Charleston, West Virginia, with audience Q&A followed by media Q&A at 8.05 am.
Federal Reserve Board of Governors member Lael Brainard to give a speech on “Payment System” at the FedPayments Improvement Community Forum in Chicago, with audience Q&A at 1.00 pm ET.
Cleveland Federal Reserve Bank President Loretta Mester to give keynote address at the sixth annual Community Banking in the 21st Century research and policy conference in St. Louis, with audience Q&A at 2.15 pm ET.
Dallas Federal Reserve Bank President Robert Kaplan will participate in a moderated Q&A session at the University of Kansas School of Business Anderson Chandler Lecture in Lawrence, Kansas at 8.00 pm ET.
In the corporate sector, Lennar Corp. reported earnings for its third quarter that climbed from last year.
Profit for the quarter totaled $453.21 million, or $1.37 per share, up from $249.17 million, or $1.04 per share last year. Adjusted earnings were $532.23 million or $1.61 per share. The company’s revenue for the quarter rose 73.9 percent to $5.67 billion from $3.26 billion last year.
Asian stocks ended mostly lower on Wednesday. China’s financial markets remained closed for the National Day holiday. Hong Kong’s Hang Seng index slipped 0.13 percent to 27,091.26.
Japanese shares fell. The benchmark Nikkei dropped 159.66 points or 0.66 percent to 24,110.96, while the broader Topix index tumbled 1.17 percent to finish at 1,802.73.
On the economic front, the latest survey from Nikkei revealed that the services sector in Japan continued to expand in September, but at a sharply slower pace, with a two-year low services PMI score of 50.2. That’s down from 51.5 in August.
Australian markets finished modestly higher. The benchmark S&P/ASX 200 rose 19.90 points or 0.32 percent to 6,146.10 while the All Ordinaries index ended up 19.40 points or 0.31 percent at 6,265.20.
European shares are trading broadly higher. The CAC 40 of France is climbing 30.32 points or 0.55 percent. DAX of Germany is declining 51.45 points or 0.42 percent. FTSE 100 of England is adding 42.70 points or 0.58 percent. Swiss Market Index is progressing 86.68 points or 0.96 percent.
Euro Stoxx 50, that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.58.
by RTTNews Staff Writer
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