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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks poised to add to the modest gains posted in the previous session.
Early buying interest may be generated in reaction to strength in the overseas markets, which benefited from an increase in oil and metal prices.
The upward momentum also comes following the release of a report from payroll processor ADP showing stronger than expected private sector job growth in the month of October.
Nonetheless, trading activity may be somewhat subdued ahead of the Federal Reserve's monetary policy announcement this afternoon.
The Fed is widely expected to keep interest rates unchanged, but traders will look to the accompanying statement for clues about the possibility of a rate hike in December.
Following the modest pullback seen to start the week, stocks moved back to the upside during trading on Tuesday. While buying interest was somewhat subdued, the tech-heavy Nasdaq reached a new record closing high.
The major averages all closed in positive territory, although the Nasdaq outperformed its counterparts. The Nasdaq climbed 28.71 points or 0.4 percent to 6,727.67, while the Dow inched up 28.50 points or 0.1 percent to 23,377.24 and the S&P 500 crept up 2.43 points or 0.1 percent to 2,575.26.
The modest strength on Wall Street partly reflected a positive reaction to the latest batch of earnings news, with Kellogg (K) and Mondelez (MDLZ) posting notable gains after reporting better than expected third quarter results.
Shares of Sony (SNE) also moved sharply higher after the consumer electronics giant reported strong second quarter profit growth and raised its full-year guidance.
On the other hand, Under Armour (UAA) posted a steep loss after the athletic apparel maker reported better than expected third quarter earnings but slashed its full-year outlook.
Overall trading activity was relatively light, however, with traders looking ahead to key economic data and earnings news in the coming days.
The closely watched monthly jobs report due to be released on Friday is likely to be in focus, with employment expected to jump by 300,000 jobs in October.
Reports on manufacturing and service sector activity, construction spending, and labor productivity and costs may also attract attention.
On the earnings front, Apple (AAPL), Facebook (FB), DowDuPont (DWDP), Yum! Brands (YUM), and Starbucks (SBUX) are among the companies due to report their quarterly results later this week.
Traders largely shrugged off a report from the Conference Board showing a substantial improvement in consumer confidence in the month of October.
The Conference Board said its consumer confidence index jumped to 125.9 in October from an upwardly revised 120.6 in September. Economists had expected the index to inch up to 121.0 from the 119.8 originally reported for the previous month.
With the much bigger than expected increase, the consumer confidence index reached its highest level since hitting 128.6 in December of 2000.
Computer hardware stocks showed a significant move to the upside over the course of the trading day, driving the NYSE Arca Computer Hardware Index up by 2.2 percent. The index bounced further off the two-month closing lower set last Friday.
Supercomputer maker Cray (CRAY) posted a standout gain after reporting third quarter results that beat analyst estimates on both the top and bottom lines.
Notable strength also emerged among telecom stocks, with the NYSE Arca North American Telecom Index climbing by 1.3 percent. The gain by the index came after it ended the previous session at its lowest closing level in over eleven months.
On the other hand, gold stocks came under pressure on the day, dragging the NYSE Arca Gold Bugs Index down by 1.6 percent. The weakness in the sector came amid a decrease by the price of gold.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
After reporting a notable slowdown in U.S. private sector job growth in the previous month, payroll processor ADP released a report showing a bigger than expected increase in private sector employment in the month of October.
ADP said private sector employment climbed by 235,000 jobs in October after rising by a downwardly revised 110,000 jobs in September.
Economists had expected an increase of about 200,000 jobs compared to the addition of 135,000 jobs originally reported for the previous month.
The bigger than expected increase came after private sector employment grew at its slowest rate in nearly a year in September.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of October.
The ISM's manufacturing index is expected to slip to 59.5 in October after climbing to a thirteen-year high of 60.8 in September, although a reading above 50 would still indicate growth.
The Commerce Department is also due to release its report on construction spending in the month of September at 10 am ET. Construction spending is expected to come in unchanged.
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended October 27th.
Crude oil inventories are expected to drop by 2.6 million barrels after edging up by 0.9 million barrels in the previous week.
Following a two-day meeting, the Federal Reserve is scheduled to announce is latest monetary policy decision at 2 pm ET.
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| | Stocks In Focus |
Shares of Garmin (GRMN) are moving notably higher in pre-market trading after the GPS device maker reported better than expected third quarter results and raised its full-year guidance.
Biopharmaceutical company Sucampo Pharmaceuticals (SCMP) is also likely to see early strength after reporting third quarter revenues that exceeded analyst estimates.
Shares of Neos Therapeutics (NEOS) may also move to the upside after a report from Reuters said the drug maker will consider offers from other potential buyers after rejecting a fourth takeover offer by PDL Biopharma (PDLI).
On the other hand, shares of Check Point Software (CHKP) may come under pressure after the security software company reported better than expected third quarter results but provided disappointing revenue guidance for the current quarter.
Pizza chain Papa John's (PZZA) is also likely to move to the downside after lowering its full-year earnings growth forecast.
Shares of Electronic Arts (EA) are also seeing pre-market weakness after the video game giant reported better than expected fiscal second quarter earnings but forecast third quarter results below estimates. |
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| | Europe markets |
European stocks have moved mostly higher on Wednesday, with German shares leading the surge as traders returned to their desks after a bank holiday the previous day.
Underlying sentiment remained supported as Catalonia worries eased and encouraging data from the U.S. and China stoked optimism about the global economy.
Catalonia's ousted leader Carles Puigdemont has agreed to the snap election called by Spain's central government but said the fight for independence would go on.
On a light day on the economic front, market participants awaited the outcome of the Federal Reserve's policy meeting later in the day for clues as to whether the U.S. central bank is on track to raise rates in December.
While the German DAX Index has shot up by 1.9 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.'s FTSE 100 Index is up by 0.2 percent.
German automakers BMW, Daimler and Volkswagen have moved to the upside before publishing their U.S. car sales figures for October.
Bayer has also advanced 1 amid reports the German pharmaceutical firm and Novartis are threatening legal action against twelve clinical commissioning groups in the north of England for plans to offer patients a cheap eye drug. Novartis shares have also risen.
Finnish tire maker Nokian Tyres has rallied after its quarterly profit topped forecasts. AstraZeneca has also climbed in London on winning U.S. approval for a new drug to treat blood cancer.
Likewise, Indivior shares have jumped as much as 11 percent after a FDA committee recommended approval for a new drug to treat opioid addiction.
On the other hand, Danish pharmaceutical company Novo Nordisk has moved lower after warning that new U.S. legislation could impact business in its key market.
Lender Standard Chartered has also slumped as higher expenses overshadowed a rise in its third quarter profit. Next Plc shares have plunged after a disappointing trading update, with sales figures missing forecasts.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks rose broadly on Wednesday as investors awaited the FOMC decision and a private survey signaled improvement in manufacturing operating conditions across China in October.
Chinese shares rose marginally after the Caixin manufacturing Purchasing Managers' Index for October matched expectations. The PMI came in unchanged at 51.0 in October, remaining above 50 for the fifth consecutive month.
The benchmark Shanghai Composite Index inched up 2.73 points or 0.1 percent to 3,396.07, while Hong Kong's Hang Seng Index jumped 348.52 points or 1.2 percent to 28,594.06.
Japanese shares rallied sharply, with a weakening yen, solid manufacturing data and upbeat corporate earnings results boosting investor sentiment.
Japan's manufacturing activity continued to expand strongly in October, underpinned by solid expansions in output, new orders and employment, survey data from IHS Markit showed.
The Nikkei 225 Index surged up 408.47 points or 1.9 percent to a 21-year high of 22,420.08, while the broader Topix Index closed 1.2 percent higher at 1,786.71.
Banks rose broadly, with Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial rising around 1 percent each. Inpex rallied 2.4 percent after Brent oil prices jumped back above the $60 a barrel mark for the first time since July of 2015.
A weaker yen boosted exporters, with Canon, Honda and Panasonic rising 1-4 percent. Sony soared 11.4 percent after reporting strong second-quarter profit growth and raising its full-year operating income forecast.
Australian shares gained ground as Chinese steel futures rose and the latest survey from the Australian Industry Group revealed growth in the country's manufacturing sector for the thirteenth consecutive month in October.
The benchmark S&P/ASX 200 Index rose 28.80 points or 0.5 percent to 5,937.80, while the broader All Ordinaries Index ended 29.10 points or 0.5 percent higher at 6,005.50.
National Australia Bank gained 0.7 percent ahead of its earnings results due on Thursday, ANZ rose half a percent and Westpac added 0.6 percent. Mining heavyweights BHP Billiton and Rio Tinto rose 1.6 percent and 0.8 percent respectively.
Energy stocks such as Woodside Petroleum and Santos climbed 1-2 percent after crude oil prices extended gains overnight.
Meanwhile, Oil Search tumbled 3 percent after announcing it is buying oil blocks in Alaska for $400 million.
Myer Holdings slumped 4.6 percent after the department store chain dropped its sales targets, citing challenging retail conditions. CSR plunged 5.5 percent despite the building products supplier posting a slight rise in first-half profit.
Seoul stocks rallied to close at fresh record highs, led by technology shares. The benchmark Kospi jumped 33.04 points or 1.3 percent to finish at 2,556.47.
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| | Commodity, Currency Markets |
Crude oil futures are climbing $0.58 to $54.96 a barrel after rising $0.23 to $54.38 a barrel on Tuesday. Gold futures, which slid $7.20 to $1,270.50 an ounce in the previous session, are advancing $6.10 to $1,276.60 an ounce.
On the currency front, the U.S. dollar is trading at 114.19 yen compared to the 113.64 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1617 compared to yesterday's $1.1588.
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