Upbeat Economic Data May Lead To Strength On Wall Street

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.

Upbeat economic data may contribute to early strength on Wall Street, although trading activity may be somewhat subdued ahead of the release of the closely watched monthly jobs report on Friday.

U.S. stocks rose Tuesday, with the 200-point swing in the Dow Jones Industrial Average representing the biggest single-day comeback of the year.

Markets calmed after some initial weakness brought on by North Korea’s missile launch over Japan. President Donald Trump said in a statement Tuesday that “all options are on the table” for dealing with North Korea.

The Dow Jones industrial average erased earlier losses to end 56.97 points higher at 21,865.37, with industrials like United Technologies and Boeing fueling the rise. The index fell as much as 134.82 points earlier in the session.

The Nasdaq composite rose 0.3 percent at 6,301.89 after Apple hit a record high. The S&P 500 added 0.1 percent to 2,446.30.

Commodity, Currency Markets

Crude oil futures are falling $0.37 to $46.07 a barrel after slipping $0.13 to $46.44 a barrel on Tuesday. Gold futures, which rose $3.60 to $1,318.90 an ounce in the previous session, are sliding $5.60 to $1,313.30 an ounce.

On the currency front, the U.S. dollar is trading at 110.40 yen compared to the 109.71 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1907 compared to yesterday’s $1.1972.

Asia

Asian stocks posted broad-based gains on Wednesday as the concerns triggered by North Korea’s missile firing eased somewhat.

North Korea said the launch of an intermediate-range ballistic missile over Japan was to counter U.S. and South Korean military drills.

While U.S. President Donald Trump offered a surprisingly subdued response to the missile launch, the U.N. Security Council has condemned the missile provocation but stopped short of imposing new sanctions or other specific measures to rein in Pyongyang.

Chinese stocks ended little changed as losses in the banking sector offset gains by airline stocks in the wake of a resurgent yuan, which hit a 14-month high against the U.S. dollar on stronger institutional and corporate dollar sales.

The benchmark Shanghai Composite Index edged down 2.23 points or 0.1 percent to 3,362.99, while Hong Kong’s Hang Seng Index jumped 329.60 points or 1.2 percent to 28,094.61.

Gains by exporters on the back of a…

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