U.S. stocks were set for a higher open on Wednesday, with eyes on Apple ( AAPL ), which reported better-than-expected earnings, and a Federal Reserve rate decision later in the session.
Oil prices nudged higher with global benchmark Brent crude up 0.85% recently, and U.S. benchmark West Texas Intermediate up 0.87% as traders continued to watch major oil producers' progress on their pledged production cuts.
Data released at 8:15 a.m. showed ADP employment estimate rising to 246,000 in January, up from the prior month's level of 153,000 and well above the 168,000 level seen by forecasters, according to data compiled by Econoday.
At 10:00 a.m., the ISM manufacturing index is expected to inch higher to the 55 mark in January versus December's 54.7. Construction spending is expected to slow in December with a small gain of 0.2%, compared to November's 0.9% rise.
At 2:00 p.m., the Federal Open Market Committee is set to release its rate decision and policy statement, with forecasters expecting rates to remain steady.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.34%
-S&P 500 futures up 0.31%
-Nasdaq 100 futures up 0.66%
-Nasdaq 100 pre-market indicator up 0.85%
Nikkei up 0.56%
Hang Seng down 0.18%
Shanghai Composite up 0.31%
FTSE-100 up 0.61%
DAX-30 up 1.25%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: unchanged to higher
(+) Chip stocks: higher
(+) Software stocks: unchanged to higher
(+) Hardware stocks: unchanged to higher
(+) Internet stocks: higher
(+) Oil stocks: unchanged to higher
(+) Biotech stocks: unchanged to higher
(+/-) Drug stocks: mixed
(+) Financial stocks: higher
(+) Retail stocks: unchanged to higher
(+/-) Industrial stocks: mixed
(-) Airlines: unchanged to lower
(+) Autos: unchanged to higher
(+) AMD (+4.7%) Tops Q4 estimates
(+) AAPL (+4.6%) Tops fiscal Q1 estimates
(+) CBIO (+19%) Reports positive preclinical data in hemophilia A and B study
(-) SN (-1.7%) Prices stock offering at $12.50 per share
(-) MCRN (-2.1%) Prices stock offering at 1.7% discount
(-) SGYP (-12.3%) Prices stock offering at $6.15 per share
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