Upbeat Durable Goods Data May Generate Buying Interest

The major U.S. index futures are pointing to a higher opening on Wednesday following the mixed performance seen in the previous session.

Buying interest may be generated in reaction to a report from the Commerce Department showing a bigger than expected jump in durable goods orders in the month of August.

Traders are also likely to keep a close eye on remarks by President Donald Trump, who is expected to provide details of his tax reform plan later in the day.

Following the notable decline seen in the previous session, stocks turned in a lackluster performance during trading on Tuesday. The major averages spent much of the day lingering near the unchanged line before closing mixed.

While the Dow dipped 11.77 points or 0.1 percent to 22,284.32, the Nasdaq rose 9.57 points or 0.2 percent to 6,380.16 and the S&P 500 inched up 0.18 points or less than a tenth of a percent to 2,496.84.

The choppy trading on Wall Street came amid the release of some disappointing economic data, including a report showing an unexpected drop in new home sales.

The Commerce Department said new home sales tumbled by 3.4 percent to an annual rate of 560,000 in August from the revised July rate of 580,000.

The decline surprised economists, who had expected new home sales to climb to a rate of 583,000 from the 571,000 originally reported for the previous month.

A separate report from the Conference Board showed a deterioration in consumer confidence in the month of September.

The Conference Board said its consumer confidence index dropped to 199.8 in September from a revised 120.4 in August. Economists had expected the index to slide to 120.2 from the 122.9 originally reported for the previous month.

Traders have not paid much attention to recent economic reports, as the data was impacted by Hurricanes Harvey and Irma.

Trucking stocks showed a significant move to the upside on the day, driving the Dow Jones Trucking Index up by 1.3 percent. With the gain, the index reached a record closing high.

Computer hardware, housing, and tobacco stocks also saw strength on the day, while gold stocks moved lower along with the price of the precious metal.

Commodity, Currency Markets

Crude oil futures are inching up $0.05 to $51.93 a barrel after falling $0.34 to $51.88 a barrel on Tuesday. Gold futures, which slid $9.80 to $1,301.70 an ounce in the previous session, are sliding $13.20 to $1,288.50 an ounce.

On the currency front, the U.S. dollar is trading at 113.19 yen compared to the 112.24 yen it…

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