The tensions on the North Korean missile launch is settling, while the worries on the devastation in Houston flood is continuing. The markets are back to a positive mood and awaiting the monthly employment report and GDP data for the second quarter. The initial signs from the U.S. Future Index suggest that Wall Street might open higher.
As of 7 am ET, the Dow futures were climbing 25 points, the S&P 500 futures were adding 1.00 points and the Nasdaq 100 futures were gaining 7.25 points.
U.S. stocks closed higher on Tuesday, despite an initial losses. The Dow Jones industrial average erased earlier losses to end 56.97 points higher at 21,865.37. 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.
On the economic front, the Mortgage Bankers’ Association’s Mortgage Applications for the week will be released at 7.00 am ET. The prior week was down 0.5 percent.
ADP Employment Report for August will be issued at 8.15 am ET. The economists are looking for consensus of of 185,000, slightly up from 178,000 in the previous month.
The second estimate for second-quarter GDP is expected at 8.30 am ET. The consensus is for growth of 2.8 percent, up from prior real GDP of 2.6 percent.
Corporate Profits for the second-quarter will be published at 8.30 am ET. The after tax profits in the previous quarter improved 11.5 percent.
Federal Reserve Governor Jerome Powell will deliver a speak about the Role of Boards at Large Financial Firms during the Large-Bank Directors Conference hosted by the Federal Reserve Bank of Chicago, with audience and media Q&A, in Chicago at 9.15 am ET.
The Energy Information Administration (EIA)’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the previous week, the crude oil inventories were down 3.3 million barrels and Gasoline inventories were down 1.2 million barrels.
The Agriculture Department’s Farm Prices for July will be issued at 3.00 pm ET. The Farm Prices change in the previous period was down 0.1 percent.
In the corporate sector, Eli Lilly and Co. (LLY) and Incyte Corp. (INCY) announced that Lilly will resubmit the New Drug Application or NDA for baricitinib before the end of January 2018. The resubmission package will include new safety and efficacy data.
Bob Evans Farms, Inc. (BOBE) increased its fiscal 2018 adjusted earnings per share guidance to a range of $2.10 to $2.30…