Investors are seeking clarity on the new political agenda to be evolved after the U.S. mid-term elections. Democrats seized the House majority while Republicans retained control of the Senate.
The start of the FOMC meeting is another focus for investors on Wednesday.
The early signs from the U.S. Futures Index suggest that Wall Street might open higher.
Asian shares finished mixed, while European shares are trading higher.
As of 8 am ET, the Dow futures were gaining 134.00 points, the S&P 500 futures were adding 17.50 points and the Nasdaq 100 futures were up 63.25 points.
U.S. stocks closed higher on Tuesday. The Dow and the S&P 500 reached new highs for the session. The Dow advanced 173.31 points or 0.7 percent to 25,635.01, the Nasdaq climbed 47.11 points or 0.6 percent to 7,375.96 and the S&P 500 rose 17.14 points or 0.6 percent to 2,755.45.
On the economic front, the Federal Open Market Committee or FOMC meeting started this morning.
The Energy Information Administration or EIA’s Petroleum Status Report for the week is expected at 10.30 am ET. The prior week’s change in crude oil inventories were up 3.2 million barrels and gasoline inventories were down 3.2 million barrels.
30-year Treasury Bond auction will be held at 1.00 pm ET.
Federal Reserve’s Consumer Credit for September will be issued at 3.00 pm ET. The consensus is for $16.5 billion, down from $20.1 billion in the prior month.
Asian stocks ended a choppy session on a mixed note Wednesday. Chinese stocks closed lower on growth concerns. The benchmark Shanghai Composite index fell 0.68 percent to 2,641.34 while Hong Kong’s Hang Seng index ended 0.10 percent higher at 26,147.69.
Japanese shares ended a choppy session lower as the U.S. midterm election results came along expected lines. The Nikkei average swung between gains and losses before ending the session down 61.95 points or 0.28 percent at 22,085.80. The broader Topix index closed 0.42 percent lower at 1,652.43.
Australian markets eked out modest gains, led by financials. The benchmark S&P/ASX 200 rose 0.37 percent to 5,896.90 while the broader All Ordinaries index ended up 0.39 percent at 5,982.
Commonwealth Bank rose 0.6 percent despite the bank posting a decline in first-quarter cash profit. ANZ, NAB and Westpac rose between 0.8 percent and 1.2 percent.
European shares are trading positive. Among the major indexes in the region, the CAC 40 Index of France is adding 64.20 points or 1.26 percent. The German DAX is progresing 112.43 points or 0.98 percent, the U.K. FTSE 100 Index is 73.83 points or 1.05 percent. The Swiss Market Index is climbing 55.76 points or 0.62 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.30 percent.
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