Futures Edge Higher, Wall Street Targets To Open In Positive Zone

Initial cues from the U.S. Futures Index suggest that Wall Street might open positive on Wednesday.

The oil supply risks in the Middle East might push oil prices up. Investors are closely monitoring the geopolitical developments and the Fed talks scheduled for the day.

In the Asian trading session, the dollar slipped, while gold traded higher above $5,060 an ounce. Oil ticked higher.

Asian shares finished broadly up, while European shares finished mixed.

As of 7.25 am ET, the Dow futures were gaining 25.00 points, the S&P 500 futures were adding 7.00 points and the Nasdaq 100 futures were up 35.50 points.

The U.S. major averages eventually ended Tuesday mixed. The Dow inched up 52.27 points or 0.1 percent to 50,188.13, but the S&P 500 fell 23.01 points or 0.3 percent to 6,941.81 and the Nasdaq slid 136.20 points or 0.6 percent to 23,102.47.

On the economic front, the Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the crude oil inventories were down 3.5 million barrels, while gasoline inventories were up 0.7 million barrels

Four-month Treasury Bill auction will be held at 11.30 am ET.

The U.S. Treasury Statement for January is scheduled at 2.00 pm ET. In the prior month the Balance deficit was $144.8 billion.

Kansas City Fed President Jeffrey Schmid will speak on monetary policy and the economic outlook before the Economic Forum of Albuquerque at 10.10 am ET.

Fed Vice Chair for Supervision Michelle Bowman participates in “Supervision and Regulation” discussion before virtual Keefe, Bruyette & Woods 33rd Annual Winter Financial Services Conference at 10.15 am ET.

Cleveland Fed President Beth Hammack will participate in Leadership Dialogue,”Exploring Leadership, Economic Policy, and Career Pathways in Public Service” Leadership Dialogue hosted by the Ohio State University John Glenn College of Public Affairs at 4.00 pm ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index finished little changed at 4,131.98. Hong Kong’s Hang Seng index edged up by 0.31 percent to 27,266.38.

Japanese markets were closed for the National Founding Day.

Australian markets rallied to hit a three-month high. The benchmark S&P/ASX 200 surged 1.66 percent to 9,014.80, while the broader All Ordinaries index settled 1.55 percent higher at 9,281.80.

European shares are trading mixed. Among the major indexes in the region, the CAC 40 Index of France is declining 10.22 points or 0.12 percent. The German DAX is falling 30.47 points or 0.12 percent, the U.K. FTSE 100 Index is gaining 77.82 points or 0.75 percent.

The Swiss Market Index is adding 12.04 points or 0.09 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 6.66 points or 0.093 percent.

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