(RTTNews.com) - Following the lackluster performance seen in the previous session, stocks are likely to move to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 233 points.
Early buying interest may be generated in reaction to earnings news from big-name companies like Boeing (BA) and Apple ( AAPL ).
Shares of Boeing are moving significantly higher in pre-market trading after the aerospace giant reported better than expected fourth quarter results and provided upbeat guidance for full-year 2019.
Tech giant Apple also reported fiscal first quarter results that exceeded analyst estimates, including substantial growth in its services business.
Traders have also reacted positively to comments from Apple CEO Tim Cook, who expressed optimism about U.S.-China trade talks.
Stocks may also benefit from the release of a report from payroll processor ADP showing the pace of private sector job growth slowed in January but still far exceeded analyst estimates.
ADP said private sector employment jumped by 213,000 jobs in January after soaring by a downwardly revised 263,000 jobs in December.
Economists had expected employment to increase by about 178,000 jobs compared to the spike of 271,000 jobs originally reported for the previous month.
"The job market weathered the government shutdown well," said Mark Zandi, chief economist of Moody's Analytics.
"Despite the severe disruptions, businesses continued to add aggressively to their payrolls," he added. "As long as businesses hire strongly the economic expansion will continue on."
Not long after the open, the National Association of Realtors is due to release its report on pending home sales in the month of December. Pending home sales are expected to rise by 0.5 percent in December after falling by 0.7 percent in November.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Later in the day, the Federal Reserve is scheduled to announce its latest monetary policy decision, although the central bank is widely expected to leave interest rates unchanged after last months' rate hike.
After ending Monday's trading significantly lower, stocks turned in lackluster performance during the trading day on Tuesday. The major averages eventually ended the session mixed.
While the Dow rose 51.74 points or 0.2 percent to 24,579.96, the Nasdaq slumped 57.39 points or 0.8 percent to 7,028.29 and the S&P 500 dipped 3.85 points or 0.2 percent to 2,640.00.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan'sNikkei 225 Index fell by 0.5 percent, while Hong Kong's Hang Seng Index rose by 0.4 percent.
The major European markets have also turned mixed on the day. While the German DAX Index has fallen by 0.4 percent, the French CAC 40 Index is up by 0.7 percent and the U.K.'sFTSE 100 Index is up by 1.9 percent.
In commodities trading, crude oil futures are advancing $0.68 to $53.99 a barrel after jumping $1.32 to $53.31 a barrel on Tuesday. Meanwhile, after climbing $5.80 to $1,308.90 an ounce in the previous session, gold futures are rising $1.80 to $1,310.70 an ounce.
On the currency front, the U.S. dollar is trading at 109.52 yen compared to the 109.40 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1428 compared to yesterday's $1.1433.
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