Wall Street Targets To Open In Positive Territory

Reports on private sector employment and service sector activity might get special attention on Wednesday.

Asian shares finished mostly down, European shares are trading up.

In the Asian trading hours, gold prices were up nearly 3 percent at $5,080 an ounce. Oil extended overnight gains.

Initial trends from the U.S. Futures Index suggest that Wall Street might open positive.

As of 7.20 am ET, the Dow futures were adding 133.00 points, the S&P 500 futures were up 16.75 points and the Nasdaq 100 futures were gaining 3.50 points.

The U.S. major averages were in negative territory at the close. The Nasdaq slumped 336.92 points or 1.4 percent to 23,255.19, the S&P 500 slid 58.63 points or 0.8 percent to 6,917.81 and the Dow fell 166.67 points or 0.3 percent to 49,240.99.

On the economic front, the ADP Employment Report for January will be issued at 8.15 am ET. The consensus is for an increase of 45,000, while it was up 41,000 in the prior month.

Treasury Refunding Announcement is scheduled at 8.30 am ET.

The U.S. Services Purchasing Manager’s Index or PMI for January will be released at 9.45 am ET. The consensus is for an increase of 52.8, while the flash index was $52.8. The consensus for services index is 52.5, while the flash was at 52.8.

The ISM Services Index for January will be revealed at 10.00 am ET. The consensus is 53.8, while it was up 54.4 in December.

The Energy Information Administrations or EIA’s Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the crude oil inventories were down 2.3 million barrels, and gasoline inventories were up 0.2 million barrels.

Ten-year and 3-year Treasury Notes auctions will be held at 11.00 am ET.

Thirty-year Treasury Bonds auction will be held at 11.00 am ET.

Richmond Fed President Thomas Barkin will speak before the Rotary Club of Aiken Economic Symposium at 12 N ET.

Fed Governor Lisa Cook will speak on monetary policy and the economic outlook before the Economic Club of Miami at 6.30 am ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index surged 0.85 percent to 4,102.20. Hong Kong’s Hang Seng index finished marginally higher at 26,847.32.

Japanese markets fell notably. The Nikkei average dropped 0.78 percent to 54,293.36 while the broader Topix index settled 0.27 percent higher at 3,655.58.

Australian markets advanced as a rebound in copper and gold prices boosted mining stocks. The benchmark S&P/ASX 200 climbed 0.80 percent to 8,927.80 while the broader All Ordinaries index closed 0.60 percent higher at 9,204.60.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 93.65 points or 1.14 percent. The German DAX is declining 4.98 points or 0.02 percent, the U.K. FTSE 100 Index is gaining 131.77 points or 1.28 percent.

The Swiss Market Index is adding 116.06 points or 0.87 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 29.77 points or 0.49 percent.

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