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US Futures Rally on Strong Corporate Earnings Reports

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US stock futures rallied on Wednesday amid a strong session for corporate earnings.

Oil prices nudged higher with global benchmark Brent Crude up 0.47% and US crude West Texas Intermediate up 0.30% recently as traders awaited the imposition of US sanctions on Iran next week.

At 8:15 am, data are expected to show the ADP employment report coming in at 178,000 in October versus the September estimate of 230,000, according to data compiled by Econoday.

At 8:30 am, forecasters see the employment cost index rising 0.7% in Q3 versus the 0.6% rise in Q2.

At 9:45 am, the October consensus for Chicago PMI is at 60.0 versus 60.4 in the September report.

In equities, shares of General Motors ( GM ) were 6.7% higher pre-bell after the car maker reported Q3 results that topped Street consensus.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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