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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 gains posted in the previous session.
The markets may continue to benefit from optimism about the economic outlook after Republicans approved a massive tax reform bill last month.
Nonetheless, traders may be somewhat reluctant to make significant moves ahead of the release of the minutes of the latest Federal Reserve meeting this afternoon.
Following the long, holiday weekend, stocks moved mostly higher during trading on Tuesday. The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts.
While the Nasdaq soared 103.51 points or 1.5 percent to 7,006.90, the S&P 500 climbed 22.20 points or 0.8 percent to 2,695.81 and the Dow rose 104.79 points or 0.4 percent to 24,824.01.
The strength on Wall Street came as traders expressed optimism about the outlook for the markets and the economy going into the new year.
Trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
The economic calendar for the week starts off relatively quiet, although the closely watched monthly jobs report is likely to attract considerable attention on Friday.
Traders are also likely to keep an eye on reports on manufacturing and service sector activity, construction spending, private sector employment, international trade, and factory orders.
Steel stocks saw substantial strength on the day, with the NYSE Arca Steel Index jumping by 4.3 percent. With the gain, the index reached its best closing level in over three years.
The rally by steel stocks came as upbeat manufacturing data out of China has generated optimism about the outlook for global steel demand.
Significant strength was also visible among gold stocks, as reflected by the 3.3 percent spike by the NYSE Arca Gold Bugs Index. The strength in the sector came amid an increase by the price of gold.
Electronic storage, natural gas, semiconductor, and biotechnology stocks also saw notable strength, moving higher along with most of the other major sectors.
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At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of December.
The ISM?s purchasing managers index is expected to slip to 58.1 in December from 58.2 in November, although a reading above 50 would still indicate growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending in the month of November at 10 am ET. Construction spending is expected to rise by 0.5 percent.
At 2 pm ET, the Federal Reserve is scheduled to release the minutes of its latest monetary policy meeting held in December. |
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| | Europe |
European stocks are mostly higher on Wednesday as new rules for the region's financial markets, known as Mifid II, came into force and the euro edged lower for the first time in six days.
There is also some respite on the economic front as official data showed that Germany's jobless rate held steady at a record low of 5.5 percent in December, bolstering optimism over the health of Europe's largest economy.
On the flip side, U.K. construction activity grew at a slower pace in December, survey results from IHS Markit showed.
While the U.K.?s FTSE 100 Index is just above the unchanged line, the French CAC 40 Index and the German DAX Index are both up by 0.5 percent.
Switzerland-based Addex Therapeutics has jumped on news the company signed a licensing and collaboration agreement with Indivior for global development and commercialization of ADX71441 for the treatment of addiction.
Apple supplier AMS has also advanced after a rally in technology companies boosted U.S. stocks to record highs overnight.
Clothing retailer Next Plc has soared in London after raising its full-year profit guidance.
HeidelbergCement shares have also risen after the building materials company said the significant reduction of the effective tax rate in the U.S. will have a positive effect on its net profits and cash flow starting in the year 2019.
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Asian stock markets ended broadly higher on Wednesday, with firmer commodity prices on the back of a weaker dollar and optimism about global growth buoying investor sentiment. The Japanese markets remained closed for a holiday.
The dollar held somewhat steady in Asian trading as investors looked ahead to the minutes of the Federal Reserve's December policy meeting due later in the day.
China's Shanghai Composite Index rose 21.77 points or 0.7 percent to close at 3,370.10, extending gains for a fourth consecutive session. Hong Kong's Hang Seng Index edged up 45.64 points or 0.2 percent to 30,560.95.
Australian shares eked out modest gains as rallying metal prices on the back of a weaker dollar and strong manufacturing data from China helped lift miners.
The benchmark S&P/ASX 200 Index rose 9.10 points or 0.2 percent to finish at 6,070.40, while the broader All Ordinaries Index ended 9.30 points or 0.2 percent higher at 6,175.30.
Mining giants BHP Billiton and Rio Tinto rallied 1.7 percent and 2.2 percent, respectively, and smaller rival Fortescue Metals Group jumped over 3 percent. Gold miner Newcrest Mining advanced 0.9 percent and Regis Resources added 1.6 percent.
Meanwhile, Insurance Australia Group slid 0.6 percent after the company cut its catastrophe reinsurance coverage for the 2018 calendar year. Yowie Group fell more than 33 percent as shares of the confectionery maker came out of a trading halt.
Seoul stocks extended gains for the fourth day, with technology companies and steelmakers pacing the gainers on expectations of improved earnings. The benchmark Kospi rose 6.70 points or 0.3 percent to 2,486.35.
Tech heavyweight Samsung Electronics gained 1.2 percent and SK Hynix advanced 1.4 percent, while steelmaker Posco jumped as much as 5.5 percent.
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| | Commodities |
Crude oil futures are rising $0.47 to $60.84 a barrel after slipping $0.05 to $60.37 a barrel on Tuesday. Gold futures, which climbed $12.10 to $1,309.30 an ounce in the previous session, are increasing $4.80 to $1,314.10 an ounce.
On the currency front, the U.S. dollar is trading at 112.23 yen compared to the 112.29 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.2028 compared to yesterday?s $1.2059.
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