Wall Street Aims High

The market is awaiting ADP’s Employment Report for July and earnings reports from major corporates. Initial signals from the U.S. Futures market suggest that Wall Street might open higher. Asian traders closed mixed, while European shares are trading mostly lower.

As of 6.30 am ET, the Dow futures were progressing 50 points, the S&P 500 futures were adding 2.75 points and the Nasdaq 100 futures were improving 50.50 points.

U.S. stocks closed mostly higher on Tuesday. The Dow climbed 72.80 points or 0.3 percent to 21,963.92, the Nasdaq edged up by 14.81 points or 0.2 percent to 6,362.94 and the S&P 500 rose 6.05 points or 0.2 percent to 2,476.35.

On the economic front, the Mortgage Bankers’ Association’s Mortgage applications for the week will be released at 7.00 am ET.

Automatic Data Processing’s Employment Report for July will be published at 8.15 am ET. The economists are looking for consensus of 173,000, up from 158, 000 a week ago.

Gallup’s Job Creation Index for July is expected at 8.30 am ET. In the prior month the index was plus 36.

Treasury Refunding announcement is expected at 8.30 am ET. 3-year, 10-year, 30-year Treasury Note auctions will be held at 8.30 am ET.

The Energy Information Administration or EIA’s Petroleum Status report for the week will be released at 10.30 am ET. In the previous week, the crude oil inventories were down 7.2 million barrels. Gasoline inventories declined 1.0 million.

Cleveland Federal Reserve Bank President Loretta Mester shall deliver the keynote address at the Community Bankers Association of Ohio Annual Convention in Cincinnati at 11.00 am ET.

San Francisco Federal Reserve Bank President John Williams will discuss “Monetary Policy’s Role in Fostering Sustainable Growth” in Las Vegas, with audience and media Q&A at 3.30 pm ET.

In the corporate segment, Jacobs Engineering Group Inc. said it agreed to buy CH2M HILL Companies Ltd. in a cash and stock transaction with an enterprise value of about $3.27 billion, including about $416 million of CH2M net debt. Following the close of the transaction, CH2M stockholders will own 15 percent of Jacobs shares on a fully diluted basis based on the number of Jacobs shares outstanding.

Bunge Limited (BG) reported a profit of $23 million, or $0.17 per share for the second quarter, down from $110 million, or $0.79 per share last year. Revenue for the quarter rose 10.5 percent to $11.65 million from $10.54 million in the previous year.

German airline Deutsche Lufthansa AG…

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